A subsidiary of Strathallen Capital Corp. has entered into an agreement of purchase and sale to acquire a portfolio of retail properties from a subsidiary of OneREIT for a purchase price of C$703.5 million ($555 million).
The Strathallen acquisition will be funded by Strathallen Retail Property Fund IV and an institutional investor.
The portfolio comprises 44 properties, 4.6 million square feet of retail space representing diversity of geography, scale and tenants. Primary uses of the portfolio include grocery, drug stores and services.
The Strathallen acquisition is part of OneREIT’s efforts to sell all of its assets and liabilities to Strathallen and Smart REIT and redeem all of its publicly traded units.