Crestpoint Real Estate Investments Ltd. have announced the acquisition of a 50 per cent interest in a three-building portfolio from Loblaw Properties Limited and Shoppers Realty Inc.
The acquisition transaction was completed as part of a 50/50 joint venture with an affiliate of Choice Properties Real Estate Investment Trust (Choice Properties), said the company in a news release.
“The Portfolio consists of one distribution center and two retail properties. The distribution center is a 711,000 sq. ft. dual load distribution facility located in Mississauga, Ontario. The two retail assets include a 150,000 sq. ft. Real Canadian Superstore in Winnipeg, Manitoba and a strata title interest in the lower floors of 60 Carlton Street in Toronto, Ontario, formerly Maple Leaf Gardens. Originally constructed in 1931, this iconic building was the home arena of the Toronto Maple Leafs until 1999, but now houses 95,000 sq. ft. of retail space including a flagship Loblaws grocery store, an LCBO outlet, a Joe Fresh location and 150 underground parking spaces. Toronto Metropolitan University will retain its ownership of the top level of the property which houses the Mattamy Athletic Centre,” it said.
“The Portfolio is 100% leased for 15+ years and is backed by Loblaw’s and Shoppers’ investment grade credit parent company, Loblaw Companies Limited. Crestpoint, on behalf of the Crestpoint Core Plus Real Estate Strategy (its open-end fund), entered into this joint venture transaction with Choice Properties, Canada’s largest REIT with over 700 properties valued at $16.7 billion and a market cap of ~$10.6 billion.”
The company said closing of this acquisition brings Crestpoint’s total assets under management to $10.4 billion and 38.3 million square feet.
