MONTREAL, Que. – TFI International has agreed to sell four of its properties to Pure Industrial Real Estate Trust.
The properties – two each in Montreal and Toronto – are worth $135.7 million, the company announced. They represent less than 20% of the net book value of TFI’s total real estate portfolio.
“This transaction underlines our continuous efforts to unlock shareholder value,” said Alain Bédard, chairman, president and chief executive officer of TFI International. “Through this sale, we believe TFI has realized market value for these real estate assets. PIRET is an excellent partner of ours, and these are outstanding properties that we will continue to operate from for the long term. The proceeds of the transaction will be deployed where we expect to achieve the highest returns for our shareholders.”