Edgefront Real Estate Investment Trust

December 17, 2015 10:38 ET

Edgefront REIT Completes $12.1 Million of Property Acquisitions

Closed on $50 million of acquisitions in 2015

CALGARY, ALBERTA--(Marketwired - Dec. 17, 2015) - Edgefront Real Estate Investment Trust (the "REIT") (TSX VETNURE:ED.UN) has completed its previously announced acquisition of two industrial properties located in Prince George, British Columbia and Prince Albert, Saskatchewan for an aggregate purchase price of approximately $12.1 million. Such purchase price was satisfied by the issuance to the vendors of approximately $5.3 million of units at a premium-to-market issue price of $1.90 per unit and approximately $6.8 million in cash funded from cash on hand and proceeds of new mortgage financings on the properties.

"2015 has been a busy and productive year for Edgefront. We closed on 5 industrial properties worth approximately $50 million and were uniquely and consistently successful in having vendors take back $19.6 million of our equity as payment of the purchase prices. We materially increased our asset value to $161.2 million, and raised more money through equity vendor take backs than in our 2014 prospectus offering." stated Kelly Hanczyk, the REIT's Chief Executive Officer. "These are significant achievements for us and we succeeded without having to tap the capital markets. We have proven that we can grow our business regardless of market conditions and we look forward to accelerating our pace of growth in 2016."

About the REIT

Edgefront REIT is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 19 properties comprising approximately 1,029,780 square feet of rentable area. The REIT has approximately 34,233,181 units issued and outstanding. Additionally, there are 5,528,354 Class B LP units of subsidiary limited partnerships of the REIT issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kelly C. Hanczyk
    President and CEO
    (403) 817-9497

    Rob Chiasson
    (403) 817-9496