RE:RE:DividendJust announced another acquisition. Agreed no concerns on dividend, payout ratio is very low and good cash flow. Still too small for a REIT in terms of TSX listing, maybe in a year.
MONTREAL, Dec. 21, 2018 (GLOBE NEWSWIRE) -- (TSX-V:FRO.UN)Fronsac Real Estate Investment Trust (“Fronsac REIT” or “Fronsac”) is pleased to announce the acquisition of a property located on Jacques Bdard boulevard in Lac St-Charles, Qc, a highly trafficked artery of the town. The property is a grocery store operated under the IGA banner. Total consideration paid for the property was $3,700,000 (excluding transaction costs) and was settled in cash.
Mr. Jason Parravano, President and CEO, declared: “We are pleased to end the year with the acquisition of this IGA in the city of Lac St-Charles, just north of Quebec City. This marks the 12th addition to Fronsac's portfolio in 2018. Among those were 2 completed joint venture developments and the purchase of a parcel of land for a development set to break ground in the spring of 2019. We are pleased to have added to the portfolio a diverse range of assets, from grocery stores, a pharmacy and a Bureau en Gros. In addition to continuing to diverse our tenant base and types of assets, we have diversified our geography with the acquisition of 2 properties in Dartmouth, Nova Scotia. All of this could not be possible without the support of our existing and new unit holders, who took part in our largest capital raise to date of $10M, which was comprised of $8.6M in Fronsac units and a $1.4M in convertible debentures.”