Crombie REIT buys C$418m retail portfolio
Canada-based Crombie REIT has purchased a portfolio of 19 retail properties across Canada from Empire Co. and Sobeys, a Canadian food retailer.
In addition, Crombie REIT acquired a 50 percent interest in three distribution centers and two parcels of development land adjacent to existing Crombie REIT properties. The Canadian REIT also will invest in the renovation and expansion of 10 properties anchored by Sobeys currently owned by Crombie.
The purchase includes approximately 2.2 million square feet of 99 percent occupied gross leasable area. The retail properties, distribution centers and land are being acquired from wholly owned subsidiaries of Empire Co. for an aggregate purchase price of approximately C$360 million ($278 million), subject to certain customary adjustments and, including the modernizations investment of approximately C$58 million ($45 million), the transaction totals approximately C$418 million ($323 million).
The retail properties a