MONTREAL, QUEBEC--(Marketwired - Oct. 4, 2017) - TFI International Inc. (TSX:TFII)(OTCQX:TFIFF), a North American leader in the transportation and logistics industry, today announced it has concluded a sale and leaseback transaction with Pure Industrial Real Estate Trust (PIRET) (TSX:AAR.UN) involving a portfolio of four of its properties. The all cash transaction of $135.7 million, which includes two facilities in each of Montreal and Toronto, will result in a pre-tax gain of $70 million. The group of properties included in the transaction announced today represents less than 20% of the net book value of TFI's total real estate portfolio.
"This transaction underlines our continuous efforts to unlock shareholder value," stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. "Through this sale, we believe TFI has realized market value for these real estate assets. PIRET is an excellent partner of ours, and these are outstanding properties that we will continue to operate from for the long term. The proceeds of the transaction will be deployed where we expect to achieve the highest returns for our shareholders."
ABOUT TFI INTERNATIONAL
TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States, Canada and Mexico through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International companies service the following segments:
TFI International Inc. is publicly traded on the Toronto Stock Exchange (TSX:TFII) and the OTCQX marketplace in the U.S. (OTCQX:TFIFF). For more information, visit http://www.tfiintl.com.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TFI International. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TFI International's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
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