Montreal, Quebec, October 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.”