May 3, 2023
FOR IMMEDIATE RELEASE
Nearctic Property Group Launches New Industrial Real Estate Investment Trust
EDMONTON, ALBERTA – Nearctic Property Group (“Nearctic”) is excited to announce the launch of its new industrial real estate investment trust. Nearctic Industrial Real Estate Investment Trust (“NI REIT”) will invest in high-quality industrial real estate assets across Canada.
Nearctic Industrial Real Estate Investment Trust was formed by Nearctic Property Group to be a multi-generational, geographical, and tenanted “A” class, urban industrial and warehouse real estate investment with intentions to grow to $1B in assets across Canada. An independent Board of Trustees was appointed to provide insight and governance, and work with management to deliver targeted results.
Led by an experienced and highly motivated executive management team, NI REIT has been designed for long-term growth in select Canadian markets. Qualified investors have an opportunity to invest in a stable and performing “A” class industrial portfolio on a private placement basis.
The initial transactions consisted of three properties totaling 298,073 square feet with a gross asset value of $63MM:
|Commerce West Business Park||15304 111 Ave NW, Edmonton, AB||110,222 sf||100% occupied||$13.5MM|
|Vantage Business Park||14520 116 Ave NW, Edmonton, AB||68,728 sf||99% occupied||$22.8MM
|270 Hunter||270 Hunter Rd, Grimsby, ON||119,123 sf||planned for redevelopment in 2023/2024||$26.4MM|
“The forming of Nearctic Industrial REIT, the appointment of the board, the executive, and closing the acquisitions of Vantage Business Park, Commerce West Business Park, and 270 Hunter Road in Ontario, is a dynamic new direction in the four-decade history of Nearctic Property Group. Looking forward, I am optimistic about the opportunity to work with our highly competent real estate team, our connected and prudent Trustees, and to welcome new and existing investors. Our core values, perseverance, focus and clarity, will be evident as we execute on our vision for geographic diversification, growth, and stability in our portfolio. I am proud, and thankful, for the opportunity to build on the aspirations of our founder, David Kent, to initiate Nearctic’s investment across the country, to focus on a material flight to quality in multi-tenant industrial, and to share the experiences and prosperity with our team and our investors.”
– Sean McCullough, CEO, Nearctic Industrial REIT
About Nearctic Property Group
Over the course of 40 years, Nearctic Property Group has built a successful real estate development and property management firm headquartered in Edmonton, Alberta with offices in Edmonton and Calgary. The launch of NI REIT is part of Nearctic’s ongoing commitment to create industrial communities that deliver value, utility and quality through innovative environments that satisfy both the aspirations and needs of their customers.
NI REIT welcomes the opportunity to review property or market specific questions with qualified prospective investors. For more information about Nearctic Industrial REIT, please visit www.nireit.com or contact: