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OAKVILLE, Ontario, April 08, 2025 (GLOBE NEWSWIRE) -- Nexus Industrial REIT (“Nexus” or the "REIT") (TSX: NXR.UN) is pleased to announce the sale of its 50% ownership interest in 15 retail buildings located in Quebec for $47 million and one office building also located in Quebec for $4 million, representing cap rates on in-place rents of 6.8% and 9.5% respectively (together, the “Properties”). The REIT intends to use the net proceeds from the dispositions to repay existing indebtedness on its credit facility and to fund development projects.

“These sales mark the substantial completion of our transition to a pure-play, Canada-focused industrial REIT” said Kelly Hanczyk, CEO of Nexus Industrial REIT. “Over the past five years we have successfully re-focused and grown Nexus to be a scale pure-play industrial REIT, with a portfolio of high-quality industrial properties tenanted by first-class lessees and geographically diversified within Canada. We will use the sale proceeds to reduce debt and to complete our two ongoing development projects that will add $6.8 million of annual stabilized NOI after completion in the second quarter, representing an unlevered 9.7% return on development costs.

“We have also had an excellent start to our 2025 leasing,” continued Mr. Hanczyk. “We have already renewed over 80% of our expiring GLA, including two value-add renewals that will contribute another $2.3 million to NOI this year and increasing thereafter. These renewals demonstrate the quality of our portfolio and the strength of our tenant relationships.

“I am very excited with the progress that we have made, and I am confident that our strategy will continue to be rewarding for our unitholders,” concluded Mr. Hanczyk.

Details of the Properties are as follows:

Leasing Update