Addition of two properties brings total portfolio value over $100
TORONTO, Nov. 29, 2011 /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 properties with a
combined value exceeding $12 million.
The first property is an 18,567 square foot (sq. ft) freestanding
Shoppers Drug Mart located in the retail commercial center of
Parksville, British Columbia. The property features a prominent street
front location on the island highway in the destination shopping area
for a well-established and affluent local community, as well as
Vancouver Island's significant tourist traffic.
The second property is Buro Plus, an 11 acre site located in Laval,
Quebec. This 172,000 sq. ft. state of the art Class "A" distribution
facility includes 37,000 sq. ft of first class office space and an
additional 50,000 sq. ft. of land available for expansion. It is being
acquired with a well established local partner, Loracon, who is
retaining a 50% interest the facility.
Launched earlier this year, Crestpoint has acquired seven properties
over the past ten months with total approximate value of $100 million
and over 750,000 sq. ft of space.
"Demand for exposure to commercial real estate assets from high
net-worth and institutional investors is significant," said Kevin Leon,
Crestpoint's President and CEO. "We are pleased to be fulfilling our
objectives of meeting clients' needs through the development of a
high-quality, diversified portfolio of retail, industrial and office
For more information about Crestpoint or these properties, please visit www.crestpoint.ca .
About Crestpoint Real Estate Investments Ltd.
Crestpoint Real Estate Investments Ltd. 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 approximately $40 billion in assets
as at June 30, 2011. www.crestpoint.ca
SOURCE Crestpoint Real Estate Investments Ltd.
For further information:
| Kevin Leon, President and CIO |
Crestpoint Real Estate Investments Ltd.
| || || || || || || || || || || || || Greig McKenzie, Head of Marketing Services |
Connor, Clark & Lunn Financial Group