CALGARY – Proventure Income Fund (TSXV:PVT.UN) has struck a deal to sell land to agricultural and heavy equipment dealer Cervus Equipment Corporation (TSX:CVL) for $25.9 million.
Cervus currently leases the land from Proventure, an affiliated company, to operate its heavy equipment dealerships.
Get weekly money news
Proventure is making the sale to so the real estate trust can qualify for the REIT exemption under federal income tax laws.
“Cervus’ acquisition of 14 dealership locations that it currently leases from Proventure is part of Cervus’ strategy to own the properties in which it operates,” said Peter Lacey, president and CEO of both Proventure and Cervus.
- Curaleaf sweetens Aurora Cannabis takeover offer after past rejection
- 2nd potential AI data centre worries Saint John residents: ‘We have questions’
- Suncor sells of N.L. offshore assets, other oilsands giant bulks up Alberta holdings
- Cenovus Energy looks to grow as it signs $5.7B deal to buy Athabasca Oil
“The restructuring actions serve to simplify the corporate structure of Cervus and related parties, while providing liquidity to Proventure unitholders.”
Cervus acquires and manages agricultural, commercial and industrial equipment dealerships in Western Canada through 30 dealership in Alberta, Saskatchewan and Manitoba.
Comments
Want to discuss? Please read our Commenting Policy first.