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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Pure Industrial Real Estate Trust (AAR.UN-T) announced "core acquisitions" and "accretive dispositions."
The company said it bought an 800,000-square foot cross-dock distribution centre in Atlanta, Ga. for $52.5-million and paid $3.7-million to buy land adjacent to an existing asset in San Antonio, Tex.
It also announced the $56.7-million disposition of a partial interest in six assets into a joint venture in Alberta and Ontario, as well as the sale of an asset in Alberta for $5.2-million and other "non-core" assets in Ontario for $17.3-million.
"Following the successful equity financing in October of last year, we communicated that we would work to reduce our overall exposure to Alberta through a combination of partial interest joint-venture sales and the selective disposition of non-core assets," stated CEO Kevan Gorrie. "I'm pleased that today's announced transactions represent a significant first step towards that goal."
He added: "The trust remains focused on executing its plan to build an industry-leading portfolio of modern distribution properties in key distribution markets in Canada and the U.S."
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Dream Office REIT (D.UN-T) says it sold its Kitchener-Waterloo portfolio, comprising of eight properties totalling almost 1.1 million square feet of gross leasable area, for about $140-million.
"Dream Office REIT continues to pursue its previously announced Strategic Plan and will provide further updates on our progress with the release of our fourth quarter results on Feb. 23, 2017," the company said.
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Pacific Exploration & Production Corp. (PEN-T) appointed Barry Larson as its new CEO, effective Feb. 20.
Mr. Larson will be based at the company's operating headquarters in Bogotá, Colombia.
Jim Latimer will continue in the role of interim CEO until the effective date of Mr. Larson's appointment as permanent CEO.
Mr. Larson was most recently a director of Pacific, and was appointed to the new board as part of the recapitalization and restructuring of the company.
Mr. Larson has stepped down from his role as a director, effective immediately, "as the board evaluates independent director candidates with skills, experience and capabilities that would be beneficial to the company and its shareholders," it said in a release.
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Maple Leaf Green World (MGW-X) has an agreement to buy four acres of vacant land in Henderson, Nevada.
"This new site is twice as large as the old site Maple Leaf was initially seeking to acquire and the purchase price of $875,000 (U.S.) is less than 50 per cent of the asking price for the old site originally targeted by the company," it said in a release.
"The increased size of the new site also provides room for future expansion to a larger facility," the company said in a release.
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Dominion Diamond Corp. (DDC-T; DDC-N) said CEO Brendan Bell will step down.
He will serve in his role as CEO of the company until June 30, "which allows for a successor to be identified and ensures a seamless transition in management," the company said in a release.
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