Fronsac Real Estate Investment Trust

Fronsac Real Estate Investment Trust

July 02, 2015 13:32 ET

Fronsac REIT Announces the Acquisition of a Piece of Land in Saint-Hyacinthe

MONTREAL, QUEBEC--(Marketwired - July 2, 2015) - (TSX VENTURE:GAZ.UN) Fronsac Real Estate Investment Trust ("Fronsac REIT" or "Fronsac") today announced the acquisition of a parcel of land measuring approximately 67,000 square feet in the town of Saint-Hyacinthe, Quebec. The property is located on Rue St-Louis close to the intersection of Rue Biron. Rue St-Louis is one of the principal entry points toward the south side of the town. Fronsac intends to develop the piece of land as quick as possible and has signed letters of intents with a major Canadian oil company as well a National fast food chain.

The total purchase price paid for the parcel of land was $717,940. Cash consideration paid at closing amounted to $191,940 and the balance of $526,000 is payable on December 31, 2015. Interest at the prime rate of a Chartered Canadian bank will be paid on the balance owing.

This arms length transaction was completed by a wholly owned subsidiary of the Trust, Investissements Immobiliers Prodige Inc.

About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality commercial real estate properties situated along highways or frequently travelled routes, rented to strong tenants under long term, management free and net leases. These properties are occupied by tenants within the following sectors; (1) Fast food chains, (2) Major oil/gas companies and (3) Convenience store chains.

Forward-Looking Statements - This press release contains forward-looking statements and information as defined by applicable securities laws. Fronsac warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Fronsac with securities regulators, including the management report. Fronsac does not update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.

Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.

Contact Information

  • Michel Lassonde
    (450) 536-5328