Collingwood Investments Incorporated Subscribes for Additional Units in PRO Real Estate Investment Trust

OXFORD, NS, Oct. 6, 2021 /CNW/ - This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the acquisition of securities of PRO Real Estate Investment Trust (the "REIT") by Collingwood Investments Incorporated ("Collingwood").

Collingwood announced today that, pursuant to a subscription agreement dated September 27, 2021, in connection with a public offering (the "Public Offering") and concurrent private placement (the "Private Placement") of the REIT, it acquired 2,085,744 trust units of the REIT (the "Units") as of October 6, 2021 (the "Acquisition Date") at a price of $6.85 per Unit, for a total consideration of $14,287,346.40 resulting in it beneficially owning 11,371,907 Units. Collingwood received a capital commitment fee equal to 2% of the gross proceeds upon closing.

Together with Matthew Bragg, a related party, Collingwood now exercises control and direction over an aggregate of 11,551,207 Units, representing approximately 19.11% of the Units and special voting units issued and outstanding as of the Acquisition Date, after the closing of the Public Offering and the Private Placement (the "Closing"). Prior to the Closing, Collingwood, together with Mr. Bragg, beneficially owned and exercised control over 9,465,463 Units representing approximately 19.6% of the Units and special voting units issued and outstanding prior to the Acquisition Date.

The acquisition was made for Collingwood's own investment purposes. Subject to market conditions, Collingwood may increase or decrease its direct and indirect beneficial ownership of the REIT's securities.

For further information or to receive a copy of the early warning report filed by Collingwood (which is available under the REIT's SEDAR profile at www.sedar.com), please contact David Hoffman as noted below.

SOURCE Collingwood Investments Incorporated

David Hoffman, Vice-President, Collingwood Investments Incorporated, [email protected], 902.447.2100