– Cash proceeds to be allocated to near term pharmacy acquisitions –
TORONTO, March 20, 2023 /CNW/ – Neighbourly Pharmacy Inc. (TSX: NBLY) (“Neighbourly” or the “Company“), Canada’s largest and fastest growing network of independent pharmacies, is pleased to announce that the Company has completed the planned divestiture of 18 real estate properties which had been acquired as part of the Rubicon acquisition.
The net proceeds of approximately $12 million will be allocated to the continuing execution of Neighbourly’s M&A strategy.
“Divesting non-core real estate properties in order to redeploy cash proceeds towards funding our future acquisitions is a top priority in our capital allocation approach. With a robust pipeline of acquisition opportunities, we remain focused on continuing to execute on this key driver of our future growth,” stated Skip Bourdo, Neighbourly’s Chief Executive Officer.
Neighbourly estimates that the sale and subsequent leaseback