04/11/2013 07:03 EDT | Updated 06/11/2013 05:12 EDT

Dundee REIT buys 22 industrial properties in GTA for $151.5M from CanFirst

TORONTO - Dundee Industrial REIT says it has inked a $151.5-million deal to acquire a portfolio of 22 industrial properties in the Greater Toronto Area.

The trust says it is purchasing the portfolio from the CanFirst Industrial Realty Fund III LP and CanFirst Industrial Realty Fund IV LP.

The properties total 1.6 million square feet of leasable area, and are located in areas near major transportation and highway access, the company said in a release Thursday.

Dundee says as part of the acquisition, it will assume $61.7 million existing mortgage debt from CanFirst.

The deal is expected to close by the end of April.

Dundee Industrial owns 158 primarily light industrial properties comprising approximately 11.4 million square feet of gross leasable area in key industrial markets across Canada.