08:41 AM EDT, 06/27/2024 (MT Newswires) -- PRO Real Estate Investment Trust (PRV-UN.TO) said Thursday that it closed the sale of three properties for $13.5 million.

The sale comprises two non-core retail properties and one flex industrial property totaling about 57,500 square feet of gross leasable area.

PROREIT also completed a $9.8 million debt refinancing on two industrial properties with a new four-year mortgage. The REIT used the proceeds to repay about $7.2 million of mortgages expiring in 2024. The remaining balance has been allocated to repaying a portion of the outstanding credit facility or for general business purposes.

After the sale, PROREIT owns 117 investment properties, representing about 6.2 million square feet of gross leasable area, with the industrial segment accounting for about 83% of gross leasable area and 75% of base rent.

Following these refinancings and mortgage repayments, PROREIT has about $4.2 million in mortgages expiring in 2024.