MONTREAL, May 14, 2013 /CNW/ – PRO Real Estate Investment Trust
(“PROREIT” or the “REIT”) (TSX VENTURE: PRV.UN) announced today that it
has signed binding agreements to acquire a portfolio of four high
quality commercial properties in New Brunswick. The portfolio of
properties includes two free-standing retail properties, a retail strip
mall and a flex office property, with aggregate gross leasable area
(“GLA”) of 114,852 square feet. The acquisition price for the
portfolio is $8.8 million excluding closing and transaction costs.

In the short period since the closing of the Qualifying Transaction in
December 2012, PROREIT has built a portfolio of commercial properties
representing 151,188 square feet of GLA and assets of $18 million.

“PROREIT’s objective is to acquire stable, income-producing properties
that are accretive to the REIT in the short term,” said James W.
Beckerleg, President and Chief Executive Officer. “This portfolio
serves an excellent example of the types of solid properties that meet
our acquisition criteria in and around the larger cities in the
Maritimes and across Eastern Canada, and that we have the experience
and expertise to acquire and manage. We are actively pursuing a
growing pipeline of similar properties throughout Quebec and the
Maritimes.”

PROREIT management benefits from access to a broad network of contacts
in the real estate industry, including brokers, managers, owners and
other industry participants in the markets where the REIT is active and
has a proven ability to leverage those relationships to source and
finance high quality acquisitions.

1850 Vanier Boulevard, Bathurst, New Brunswick

The 1850 Vanier Boulevard Property is a high quality flex office
property located in a light industrial / commercial area adjacent to
Highway 11. It is currently occupied by a range of national, regional
and local tenants, including Guillevin International and IMP Group.

The property, which is 92 percent occupied, consists of a two-storey
concrete and brick building built in 1989, with 59,897 square feet
GLA. There is outdoor asphalt parking sufficient for tenant needs and
there is room on the property for additional development.

879 Main Street, Beresford, New Brunswick

The 879 Main Street property is a grocery-anchored retail strip mall
with 39,915 square feet of GLA located in the primary commercial area
of Beresford, part of the Bathurst region of New Brunswick, near the
centre of town and the main thoroughfare. The site is surrounded by
residential developments.

The shopping centre is 98 percent occupied by a diverse group of
tenants, including several national or regional brand names. It is
anchored by SaveEasy, a regional banner owned by Loblaws, a national
grocery retailer. Other high quality tenants include a Familiprix
franchisee, a Schedule I Canadian chartered bank and various local
retailers. The building was renovated in 2008 and 2009.

267 Commerce Street, Beresford, New Brunswick

The 267 Commerce Street property in Beresford, New Brunswick is a
single-storey, single tenant building that is leased as a retail
alcoholic beverages store to the New Brunswick Liquor Corporation, a
secure tenant that is a Crown Corporation owned by the Government of
New Brunswick. The property is 100 percent occupied on a long-term
lease until 2026. The 7,530 square-foot property sits on 44,867 square
feet of land near a large residential sector of Beresford. It was
constructed in 2011 and is adjacent to the 879 Main Street property.

375 Miller Road, Dalhousie, New Brunswick

The 375 Miller Road property in Dalhousie, New Brunswick is a
single-storey, single tenant building with 7,510 square feet of GLA
that is leased to the New Brunswick Liquor Commission. The property
was built in 2010 and is 100 percent occupied on a long-term lease
until 2025.

The acquisition of the four-property portfolio is expected to close by
the end of June, 2013 and is subject to customary closing conditions
and regulatory approvals. The purchase price is payable in cash and
PROREIT intends to finance the cash payment through a combination of
debt and equity.

“Our team at PROREIT has hit the ground running since completing the
conversion to a real estate investment trust,” continued Mr. Beckerleg.
“Our intention is to grow quickly by building the assets and income
streams that are the foundations of high quality investment trusts. We
continue to build our team and our brand, and PROREIT is sure to become
an active and sought after player in the Canadian commercial real
estate market.”

About PROREIT

PROREIT is an unincorporated open-ended real estate investment trust
established pursuant to a declaration of trust under the laws of the
Province of Ontario.

Forward-Looking Statements

This news release may contain forward-looking information within the
meaning of applicable securities legislation. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond PROREIT’s
control, that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward-looking information.

Forward-looking information contained in this press release includes,
without limitation, statements pertaining to the proposed acquisitions
of PROREIT and the financing of such acquisitions. PROREIT’s objectives
and forward-looking statements are based on certain assumptions,
including that (i) PROREIT will receive financing on favourable terms;
(ii) the future level of indebtedness of PROREIT and its future growth
potential will remain consistent with PROREIT’s current expectations;
(iii) there will be no changes to tax laws adversely affecting
PROREIT’s financing capacity or operations; (iv) the impact of the
current economic climate and the current global financial conditions on
PROREIT’s operations, including its financing capacity and asset value,
will remain consistent with PROREIT’s current expectations; (v) the
performance of PROREIT’s investments in Canada will proceed on a basis
consistent with PROREIT’s current expectations; and (vi) capital
markets will provide PROREIT with readily available access to equity
and/or debt.

The forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary statement. All
forward-looking statements in this press release are made as of the
date of this press release. PROREIT does not undertake to update any
such forward-looking information whether as a result of new
information, future events or otherwise.

Additional information about these assumptions and risks and
uncertainties is contained in PROREIT’s filings with securities
regulatory authorities, including in the management information
circular of Taggart Capital Corp. dated February 15, 2013 under “Risk
Factors”, which are available on SEDAR at www.sedar.com.

SOURCE Pro Real Estate Investment Trust