Post by
undervalue on Apr 16, 2024 12:10pm
First Step of a REIT?
I was once told the GBT was a likely candidate for a buyout from LNF, and that the real estate would be spun into a REIT.
This unrelated purchase of an significant income property might fit that thesis.
On April 15th, 2024, the Company finalised the purchase of the RONA distribution center bearing the civic address 2055, boulevard des Entreprises in the city of Terrebonne. The transaction was in the amount $96,000,000 before taxes which includes a lease-back agreement with RONA. The transaction was paid in full in cash from investments held by the Company. The Company intends to continue on a long-term basis to create lease revenues with this property. In the next month the Company will be evaluating if renovations, as to making this distribution center more efficient by automating it would create greater lease value.