- What Revesco Properties Trust closed its first deal since getting back into acquisitions
- Why The trust caters to Canadian clients who want to invest in the U.S. open-air retail market
- What next Revesco Properties Trust is aiming to build its portfolio to $1bn of assets
A properties trust fund established to invest Canadian money in U.S. open-air retail properties has completed its latest acquisition for $38.3m, Green Street News can reveal.
Revesco Properties Trust, a perpetual vehicle that launched three years ago, closed on Roswell Village Shopping Center in Roswell, Ga., 30 km north of downtown Atlanta.
The 150,000 sq ft grocery-anchored property is in an affluent neighbourhood and marks Revesco’s entry into the Atlanta market. The 22 tenants include Marshalls, Ross and Starbucks.
The centre received several million dollars of upgrades from 2018 to 2022, boosting its appeal and increasing annual visits by 1.4m. There are 73,000 people within 3 miles of the centre with an average household income of $140,000.
The Denver-based trust recently announced it was back into acquisitions after taking a pause due to market conditions. The Roswell property represents part of its plan to grow its portfolio to $1bn of assets.
Revesco also has an office in Vancouver. The trust’s sponsor, Revesco Properties, was formed 13 years ago by retail property veterans Rhys Duggan, Scott Lee and Christopher Wood.
