08:59 AM EDT, 07/17/2024 (MT Newswires) -- Canadian Net Real Estate Investment Trust (NET-UN.V) said Wednesday that it sold five gas station properties in Quebec for about $12.8 million.

The Trust said it will use the proceeds to reduce debt and have cash on hand for future acquisitions.

"The five gas station properties were operated by independent operators, aligning with our strategy of decreasing exposure to local operators and increasing our focus on national, necessity-based retailers," President and CEO Kevin Henley said. "We remain committed and focused on strategic acquisitions while continuing to optimize the portfolio."

Following the sale, the Trust said it now owns 93 properties, including those in joint ventures.

"We remain committed and focused on strategic acquisitions while continuing to optimize the portfolio," Henley added.

The Trust's share price fell 3.8% yesterday to $5.19 on the TSXV.