Business News • MarketWire • Fronsac REIT Announces the Closing of a Recently Announced Acquisition |
Fronsac REIT Announces the Closing of a Recently Announced Acquisition |
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Fronsac REIT Announces the Closing of a Recently Announced Acquisition
MONTRÉAL, QUÉBEC--(Marketwired - Sept. 2, 2016) - (TSX VENTURE:GAZ.UN) Fronsac Real Estate Investment Trust ("Fronsac REIT" or "Fronsac") is pleased to announce the closing of a recently announced acquisition, located in Richelieu, Quebec. The property is located along Highway 10, at exit 29, and is operated as a service station under the Petro Canada banner as well as a Subway Restaurant. Total consideration paid for this property was $3,512,000 and was settled in cash. The property will generate approximately $240,000 in net operating income on an annual basis. The property was purchased from a third party with no previous ties to Fronsac. One of the tenants, a company that exploits the convenient store, is co-owned by a Trustee and a person related to a Trustee. The net operating income that will be generated from the related parties amounts to $110,000 on an annual basis.
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