TORONTO, Jan. 31, 2012 /CNW/ - Crestpoint Real Estate Investments Ltd. (Crestpoint), a business dedicated to providing institutional and high net-worth investors with direct access to high quality commercial real estate assets in Canada, announced today the acquisition of the Rona Home Centre (Penticton, B.C.) in a deal valued just under $9 million.
The 6.8 acre property includes a 52,000 square foot (sq. ft) facility, 100% occupied by Rona Home Centre.
"We're excited to be adding this Rona facility to our portfolio as it provides us with exposure to a growing market delivering exceptional value," said Kevin Leon, Crestpoint's President and CEO. "The property is superbly located in Penticton, which acts as the regional service centre for the South Okanagan Valley, as well as being a major tourist and wine destination. Long term occupancy agreements with a high quality tenant like Rona, together with historically low financing rates, should translate into strong, rising cash flow return for our investors."
For additional details on 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 over $38 billion in assets as at December 31, 2011. www.crestpoint.ca
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