MONTREAL, Dec. 07, 2018 (GLOBE NEWSWIRE) -- (TSX-V: FRO.UN) Fronsac Real Estate Investment Trust (“Fronsac REIT” or “Fronsac”) is pleased to announce two acquisitions. The first acquisition consists of a property located in Thetford Mines, Quebec. It is a fast food restaurant operated under the A&W banner and is located on Frontenac Boulevard, at the center of the town’s retail node. Total consideration paid for the property was $1,200,000 (excluding transaction costs) and was settled in cash.
The second acquisition consists of a 50% participation in a recently-developed property located in Dartmouth, Nova Scotia. The property is composed of a Shell gas station, a Sobeys convenience store, a Tim Hortons, an A&W as well as a Nova Scotia Liquor store. Total consideration paid for this 50% participation in the property was $4,250,000 (excluding transaction costs) and was settled in cash. The participation was acquired from Somerled Properties, an active real estate developer in the Maritimes, who will retain the other 50% in the property.
About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality triple net and management-free commercial real estate properties.
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 intend or undertake to 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 Regulation 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.
For further information please contact Jason Parravano at (450) 536-5328.