MONTREAL, QC – Pure Industrial Real Estate Trust (PIRET) will buy and lease back four TFI International properties, Canada’s largest fleet has announced.
The $135.7-million deal includes two facilities in Montreal, and another two in Toronto, and represents less than 20% of the net book value of TFI’s 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.”
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