Nexus Industrial REIT has acquired two industrial buildings in Montreal, Quebec for $40.1 million, with a combined GLA of 277,000 square feet. The buildings are under long-term leases expiring in November 2032, with a going in cap rate of 6.6% and a projected stabilized rate of 10.4% in 2028. The acquisition was funded through the REIT’s credit facility. CEO Kelly Hanczyk stated the buildings will be immediately accretive to AFFO and NAV per unit, with significant mark-to-market potential in Year 4. Nexus aims to be Canada’s top industrial property provider with a portfolio of 89 properties totaling 12.9 million square feet of GLA.

Read more at GlobeNewswire: Nexus Industrial REIT Announces the Acquisition of Two