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:

Property AddressBuilding TypeGLA (sq. ft.) at Nexus’ ownership interest1094-1100 boul. Des Chutes, BeauportRetail16,2031700 rue Sherbrooke, MagogRetail66,9161971 rue Bilodeau, PlessisvilleRetail49,84814000 boul. Henri-Bourassa, Québec CityRetail22,3106700 rue St-Georges, LévisRetail21,50910516 boul. Sainte-Anne, Ste-Anne-de-BeaupréRetail44,4769550 boul. L’Ormière, Québec CityRetail57,598333 Côte Joyeuse, St-RaymondRetail32,256161 Route 230 Ouest, La PocatièreRetail102,47525 Route 138, ForestvilleRetail28,1572000 boul. Louis-Fréchette, NicoletRetail44,1923856 boul. Taschereau, Greenfield ParkRetail106,991250 boul. Fiset, SorelRetail58,1748245 boul. Taschereau, BrossardRetail21,617340 rue Belvédère Sud, SherbrookeRetail86,4921600 rue Montgolfier, LavalOffice27,097

Leasing Update

The REIT is pleased to share that it has completed an early renewal of its 265,000 sq ft industrial building located at 15745 Robin’s Hill Rd, London, ON. The REIT has completed an early “blend an extend” with the existing tenant for a 3-year lease, resulting in a rent increase from $4.35psf to $12.50psf, back-dated to January 1, 2025, with 7% annual rent escalation thereafter.

At its 293,000 sq ft building located at 650 Riverview Dr., Chatham, ON, the REIT completed a lease expansion and 5-year renewal with the existing primary tenant. The primary tenant has increased their occupancy to 269,000 sq. ft. at $9.60psf effective June 1, 2025, with annual rent steps thereafter, and absorbed 31,000 sq. ft. from another tenant who is vacating March 31, 2025. The vacating tenant was paying rent of $4.50psf.

About Nexus Industrial REIT

Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada and the ownership and management of its portfolio of properties. The REIT currently owns a portfolio of 90 properties comprising approximately 11.7 million square feet of gross leasable area.

For further information please contact:

Kelly C. Hanczyk, CEO at (416) 906-2379; or
Mike Rawle, CFO at (647) 823-1381.