NOVA NET LEASE REIT FORMS JOINT VENTURE WITH NEVADA INVESTOR GROUP
TORONTO – Nova Net Lease REIT (CSE: NNL.U) (OTCQB: NNLRF), a real estate investment trust focused on delivering attractive financing solutions to quality U.S. Cannabis Operators, today announced that it has, through certain of its subsidiaries, entered into a joint venture with a Nevada real estate investor group. The JV Partner is contributing two properties with an aggregate value of approximately US$15.7 million into the Joint Venture. Highlights The Joint Venture acquired a portfolio consisting of two facilities in Nevada comprising a total of 98,500 square feet for an aggregate purchase price of approximately US$15.7 million. The Joint Venture is structured as a limited partnership with Nova acting as the General Partner and receiving a 15% LP interest in the Joint Venture. The JV Partner will receive approximately US$8.9 million of limited partnership units priced at US$1.25 which are ultimately exchangeable for units of the REIT on a 1:1 basis. The JV Partner Units will...