Fronsac Announces the Acquisition of a Property and a New.. MONTREAL, Feb. 01, 2021 (GLOBE NEWSWIRE) -- (TSX-V: FRO.UN) Fronsac Real Estate Investment Trust (“Fronsac”) is pleased to announce the acquisition of a property located in Lac Brome, Qc, and a 50% participation in a new development in Chicoutimi, Qc.
PROPERTY ACQUISITION
On January 29th, 2021 Fronsac completed the acquisition of a property in Lac Brome, QC which is operated by a service-station under the Esso banner and a fast-food restaurant operated under the Tim Hortons banner. Total consideration paid for the property was $2,840,000 (excluding transaction costs) and was settled in cash.
NEW DEVELOPMENT IN CHICOUTIMI, QC
In partnership with Odacit Immobilier and Benny & Co., Fronsac also is pleased to announce the development of a new standalone Benny&Co. restaurant in Chicoutimi, Qc. Fronsac will retain a 50% participation in the project. Total costs are expected to be $2.1M and construction is set to begin in 2021.
About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality triple net and management-free commercial real estate properties.
About Benny&Co. - Benny&Co., Quebec’s largest family rotisserie, with a network of 64 branches in Quebec and Ontario, excels in the cooking of roast chicken thanks to its exclusive three-hour slow-cooking technique developed by cofounder Gilles Benny. A Master Roaster since 1960, the fourth-generation company is still 100% owned by members of the Benny family and employs more than 1,800 people. Benny&Co. sells more than eight million roast chicken meals per year and is recognized by the Aliments du Qubec au menu. To find out more: www.benny-co.com.