- What Crombie REIT has completed the purchase of the remaining 50% stake in Zephyr from Westbank for $133m
- Why The deal makes it the sole owner of the property
- What Next Crombie will fully consolidate Zephyr
Crombie REIT has completed its $133m purchase of the remaining 50% stake in a mixed-use multifamily property in Vancouver from its partner, Westbank Corp., after signing an agreement last month.
Crombie now fully owns the two-tower residential component of the 330-unit Zephyr, at 1661 Davie Street in the city’s West End. It already owned the retail space on the property’s ground floor.
The REIT will fully consolidate Zephyr and assume the additional 50% of existing mortgages, valued at approximately $89m. The mortgages have a remaining term of more than three years.
The remainder of the purchase price will be financed via a draw on a new, unsecured bank-credit facility, which has a blended interest rate of 3.5%.
Scotiabank advised Crombie.
