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SmartREIT closes 12-asset portfolio buy from OneREIT

Smart Real Estate Investment Trust wrapped up the purchase of a portfolio comprising 12 retail properties from OneREIT, via the acquisition of the latter's subsidiary ONR LP.

The portfolio expands SmartREIT's current portfolio by 2.2 million square feet of gross leaseable area, with 10 assets in Ontario. Out of the 12 assets, 11 are food stores, with six Wal-Mart Supercentres. The assets have a combined average lease term of 7.2 years to maturity and are 93% leased.

SmartREIT, as a consideration, will issue 2,357,162 units and assume approximately C$325 million in debt. OneREIT unit holders, who chose the noncash consideration, were issued a total of 833,053 SmartREIT units. Additionally, SmartREIT has reserved 1,524,109 units to issue to the holders of exchangeable class B LP units of ONR LP. The debt portion of the consideration includes obligations under two existing series of OneREIT convertible debentures with a total principal amount of about C$76.3 million, according to a filing.

SmartREIT and Strathallen Acquisitions Inc. agreed to acquire OneREIT in August in a deal valued at C$1.1 billion, or C$4.26 per unit on a fully prorated basis. The acquisition was finalized Oct. 4.