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Canadian Net REIT Announces the Acquisition of a Grocery Store Property in Nova Scotia

Written by Customer Service on . Posted in Mergers And Acquisitions.

MONTRÉAL, Oct. 23, 2024 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “Trust”) (TSX-V: NET.UN) is pleased to announce the acquisition of a grocery store property operated under the Sobeys banner in Truro, Nova Scotia. The total consideration paid was $9,000,000 (excluding transaction costs) and was settled in cash.

“We are excited to announce the acquisition of a single-tenant grocery store, a strategic fit within our business model focused on high-quality, triple net and management-free assets,” said Kevin Henley, President and CEO. “This acquisition comes shortly after our announcement of recent dispositions, highlighting our ability to act swiftly in a dynamic market environment. We are seeing more opportunities emerge within our highly fragmented niche, alongside the advantages of lower interest rates. As a result, we remain focused on executing our disciplined growth strategy.”

About Canadian Net – Canadian Net 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. Canadian Net 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 Canadian Net with securities regulators, including the management report. Canadian Net 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 Kevin Henley at (450) 536-5328.

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