05:37 PM EDT, 10/10/2024 (MT Newswires) -- Nexus Industrial REIT (NXR-UN.TO) after trade Thursday said it sold its 50% ownership interest in its remaining Old Montreal office portfolio, consisting of an office building and a mixed-use building located in Montreal, for an undisclosed price.

It also sold 11 acres of vacant land in Fort St. John, B.C., for $2.4 million.

"The sale of these legacy buildings closes the chapter on Nexus' ownership of office buildings in the Old Montreal Port, advancing our strategy as a Canada-focused pure-play industrial REIT" said chief executive Kelly Hanczyk. "Industrial assets contribute 94% of our NOI, and our industrial concentration will increase as we complete the sale of our legacy retail portfolio in the coming months. Combined with the sale of certain non-core industrial assets, we are targeting asset sales of approximately $110 million in the second half of 2024."

The REIT intends to use the net proceeds to repay existing indebtedness on its credit facility.

Nexus units closed down $0.07 to $8.46 on the Toronto Stock Exchange.