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Nexus REIT to issue C$27.9M units to raise funds for Canadian property purchases

Nexus REIT is planning to issue units to raise C$27.9 million in capital, which will be channeled toward financing its property purchases.

The unit issuance, which will see each unit priced at C$2.10, is expected to take place by the end of the second quarter, according to a release.

Proceeds from the issuance will partially fund the Canadian real estate investment trust's purchase of several properties in the country. These comprise its C$57.4 million acquisition of an asset in Richmond, British Columbia, and its planned procurement of a C$12.3 million property in Nisku, Alberta, and a C$6.3 million industrial real estate purchase in Regina, Saskatchewan.

The REIT has on the drawing board the second-stage regeneration of the Richmond property, according to Kelly Hanczyk, the trust's CEO.

Additionally, the trust closed in April its sale of a property in Kelowna, British Columbia, at a price tag of C$10.0 million, and another non-core asset in Yellowknife, Northwest Territories, for C$1.3 million.