- What Crestpoint has acquired a 50% position in three buildings as part of a joint venture with Choice Properties
- Why The firm completed the transaction through its open-end fund, Crestpoint Core Plus Real Estate Strategy
- What’s next The portfolio is 100% leased for more than 15 years
Crestpoint acquired a 50% stake in a three-building portfolio from Loblaw Properties and Shoppers Realty as part of a 50-50 joint venture with Choice Properties.
An affiliate of Choice Properties acquired the other 50% stake in the portfolio.
The portfolio comprises a 711,000 sq ft dual-load distribution center in Mississauga, Ont., and two retail properties: a Real Canadian Superstore in Winnipeg and a strata title interest in the lower floors of the former Maple Leaf Gardens in Toronto. The latter totals 95,000 sq ft and includes the flagship Loblaws grocery store.
The portfolio is 100% leased for more than 15 years.
Crestpoint made the deal on behalf of its open-end fund, Crestpoint Core Plus Real Estate Strategy.
With the acquisition, Crestpoint has $10.4bn under management totaling 38m sq ft.
Article updated at 10:01 a.m. on Sept. 10 to reflect that an affiliate of Choice Properties acquired the other 50% stake in the properties.
