Canadien Net Expands with Three Key Property Acquisitions in Quebec
Deal News | Jan 21, 2025 | Globenewswire
The Fonds de Placement Immobilier Canadien Net, a Canada-based Real Estate Investment Trust (REIT), announced the acquisition of three properties located in Saguenay, Quebec, for a total purchase price of $12,000,000 CAD, excluding transaction costs. These properties include a supermarket operated under the IGA banner, a pharmacy operated by Jean-Coutu, and a bank under the National Bank of Canada banner. This acquisition aligns with the REIT's strategy to acquire high-quality, essential service tenanted properties featuring triple-net leases—a strategy aimed at enhancing its Funds from Operations (FFO) per unit. This off-market acquisition exemplifies Canadien Net's capability to identify and secure lucrative opportunities in a fragmented market environment. With these additions, the trust now holds 97 properties. CEO Kevin Henley emphasized the growth potential these acquisitions offer in supporting the trust’s organic growth initiatives. The announcement also included a customary cautionary statement concerning the forward-looking nature of the projections based on market conditions and financial dependencies.
Sectors
- Real Estate Investment Trusts (REITs)
- Retail Real Estate
Geography
- Canada – The REIT is based in Canada and the acquisitions took place in Quebec, which is a province in Canada.
- Quebec – All acquired properties are located in Saguenay, a city within the province of Quebec.
Industry
- Real Estate Investment Trusts (REITs) – This sector is relevant as the article discusses the activities of a REIT, which is a company owning real estate that generates income.
- Retail Real Estate – The properties acquired are part of the commercial retail real estate sector with tenants including a supermarket, pharmacy, and bank.
Financials
- 12,000,000 – Total purchase price of the acquired properties, excluding transaction costs.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fonds de Placement Immobilier Canadien Net (Canadien Net) | Buyer | Company | A Canadian real estate investment trust (REIT) focused on acquiring and holding properties with tenants that operate under triple-net leases. |
| IGA (Sobeys) | Tenant | Company | The supermarket chain operating in one of the acquired properties. |
| Jean-Coutu (Metro) | Tenant | Company | The pharmacy chain operating in one of the acquired properties. |
| Banque Nationale du Canada | Tenant | Company | A major bank operating one of the acquired properties. |
| Kevin Henley | CEO | Person | President and Chief Executive Officer of Canadien Net who announced the acquisition. |
| TSX Venture Exchange | Stock Exchange | Company | The exchange where Canadien Net's units are traded. |