Acquires coveted Quebec-based properties in $16.5 million transaction
TORONTO, May 5 /CNW/ - Crestpoint Real Estate Investments Ltd.
(Crestpoint), a business dedicated to providing institutional and high
net-worth investors with direct access to commercial real estate assets
in Canada, announced today the acquisition of two Quebec-based shopping
centres in a transaction valued at approximately $16.5 million.
Located in the city of St. Eustache in the greater Montreal area, Carrefour Grande-Côte and Centre 25E are both well-located shopping centres that together comprise over
98,000 sq. ft. of retail leasing space.
St. Eustache is a thriving, affluent community with population growth
and median household income significantly exceeding both that of
Montreal and the provincial average.
Carrefour Grande-Côte is a first-class food supermarket and drugstore
anchored facility with long-term leases with tenants such as Maxi
(Loblaws) and Pharmaprix (Shoppers Drug Mart). Located directly across
the street is Centre 25E, a fully leased strip plaza that includes
Dollarama, M&M Meats, and Global Pet Food amongst its tenants.
"Our goal is to acquire high-quality, well-located office, retail and
industrial properties with sustainable income and the potential for
long-term capital appreciation," said Kevin Leon, Crestpoint's
President and Chief Investment Officer. "Acquiring high-quality,
food-anchored properties in major metropolitan markets with such
high-quality tenants is very difficult. We are extremely pleased to
have added two such properties to our real estate portfolio."
Both the acquisition price and terms of financing are expected to
enhance returns for investors in Crestpoint's commercial real estate
portfolio. "We are excited about the potential of these properties to
generate substantial value for our clients," Leon continued. "The
addition of these two properties to our portfolio reflects our ability
to acquire highly sought after institutional-quality assets at
For additional details on Carrefour Grande-Côte and Centre 25E, please
About Crestpoint Real Estate Investments Ltd.
Crestpoint is a commercial real estate investment manager dedicated to
providing investors with direct access to commercial real estate
assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group,
a multi-boutique asset management company that provides investment
management products and services to institutional, high net-worth and
retail clients. With offices in Vancouver, Edmonton, Calgary, Regina,
Toronto, Ottawa and Montreal, CC&L Financial Group and its affiliate
companies are collectively responsible for the management of over $38
billion in assets as at March 31, 2011. http://www.crestpoint.ca/
SOURCE Crestpoint Real Estate Investments Ltd.
For further information:
Kevin Leon, President and CIO
Crestpoint Real Estate Investments Ltd.
Head of Marketing Services
Connor, Clark & Lunn Financial Group