Crombie Real Estate Investment Trust has entered into a second purchase-and-sale agreement to sell an 89 percent non-managing interest in a 15-property portfolio for an aggregate purchase price of approximately $193.3 million to an affiliate of Oak Street Real Estate Capital.
Crombie will retain an 11 percent ownership interest and will continue to manage and operate the properties, which are located across Canada. The transaction is scheduled to close in fall 2019. The first transaction announced with Oak Street closed on April 25.
This partial disposition is consistent with Crombie's previously announced transactions to recycle capital. None of the assets subject to the current transaction are included in Crombie's mixed-use development pipeline.
Highlights of the transaction include:
