Crestpoint Real Estate Investments Ltd. has added to its assets in Greater Toronto and Mississauga.
Pierre Elliot Trudeau Airport
The recent acquisitions, which are valued at approximately $47 million and total 428,000 sq ft, include four prime retail properties and four Class A industrial properties. The company has also acquired the Empire office complex in downtown Edmonton.
Demand for commercial property investment opportunities has grown over the past few years and Crestpoint has accumulated a portfolio of retail, industrial and office properties which exceeds 2.6 million sq ft and is valued at over $300 million.
The addition to Crestpoint’s holdings is located next to Pierre Elliott Trudeau Airport in Montreal and measures 623,000 square feet. The new properties were acquired with highly reputable private and institutional partners. Crestpoint acted as an asset manager for each project.
Kevin Leon, the president of Crestpoint, said; “We are extremely pleased with our recent acquisitions and the portfolio of assets we have accumulated.
“Despite markets being extremely competitive, we have been successful in acquiring investments at prices we feel provide attractive risk-adjusted returns for our investors.
“By maintaining our disciplined approach to investing, we have generated attractive income and capital returns resulting in top quartile performance. We feel confident in our ability to continue acquiring assets through the remainder of 2013.”
The company owns 24 properties in five provinces. The average occupancy rate is over 90 per cent and includes well-known tenants like Staples, Shoppers Drug Mart, Rolls Royce, Xerox, Rona Home Centre, and Shred-it.
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