Pro Real Estate Investment Trust (PROREIT) finalized the purchase of 14 commercial properties located in prime spots across Canada, diversifying the company’s portfolio and better positioning it in the country’s real estate investment trust market.

“With (these) acquisitions, PROREIT has increased its gross leasable area to over a million square feet, doubling the size of its business,” said James Beckerleg, company president and chief executive officer. “We have now achieved critical mass, and expanded and diversified our net operating income.”

As the newly acquired properties are situated along major traffic arteries benefitting from smooth access and high visibility, PROREIT sees such locality as raising the quality of its portfolio— retaining existing tenants and facilitating new ones.

Low interest rates helped finance a substantial portion of the deal. Roughly $4.3 million through the issuance of Class B limited partnership units of PROREIT Limited Partnership and new first mortgages of around $37.5 million were other helpful factors.

As a result of the new acquisition, significant accretion in adjusted funds from operations will be provided to unitholders.

The company’s assets now approximate $140 million, comprised of 23 properties from retail and industrial to office and commercial mixed use.