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H&R REIT Buys Nestle Industrial for $169M

TORONTO-The locally based REIT focused on US real estate buys 2.17 million-sf of distribution space in the suburbs of Chicago, Atlanta and Dallas that are leased to Nestle for an average of 12 years and come with expansion land.

By Brian K. Miller | Updated on November 04, 2005

TORONTO- H&R REIT has acquired 2.17 million sf of industrial in three large distribution properties that are leased long-term to Nestle USA. The locally based REIT focused on US real estate says it paid $143.74 million (C$169 million) in cash and assumed debt for the portfolio.

The properties were constructed in 1993 and are located near major interstate highways and rail lines. Nestle has invested heavily in the buildings. Its average remaining term on the leases is 12 years. The properties have a combined 90 acres of expansion land.

As part of the transaction H&R is assuming existing financing of $100 million. The nonrecourse loan is due February 2012.

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