TORONTO, Jan. 14, 2014 /CNW/ - Crestpoint Real Estate Investments Ltd., 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 five well-located, high-quality properties in Toronto, Vancouver and Montreal. Together with other acquisitions completed in 2013, the value of Crestpoint's real estate portfolio has doubled in size to approximately $600 million over the past 12 months.
2013 was a banner year for Crestpoint in terms of property acquisition, asset growth and performance. Comprised of retail, industrial and office properties located throughout Canada, Crestpoint's portfolio has grown to a total of 3.5 million square feet of commercial space. Demand for exposure to high-quality commercial real estate from institutional and high net-worth investors continues to grow as they seek assets offering income generation, portfolio diversification and strong potential returns. With established relationships throughout the industry and an expanded team of professionals, Crestpoint is well-positioned to meet this growing demand.
"We are extremely pleased with the level of interest we've seen from investors and the growth of our portfolio in 2013," said Kevin Leon, President of Crestpoint. "The acquisitions announced today augment the overall quality, diversification and strength of our portfolio while enhancing our ability to continue providing strong investment returns for our investors. As we head into 2014, we expect market fundamentals to remain relatively strong. We are confident in our ability to identify new opportunities and to deploy investor capital into high-calibre properties".
Among the recently acquired assets, the Steeles Tech office complex in north-east Toronto is one of the best suburban office developments in the country. Comprised of four buildings on 45 acres of land, the complex has 20 acres available for future development, easy access to public transit and major highways, and a tenant roster of exceptional quality. Four additional assets acquired within Crestpoint's open-end "core plus" fund include: 1) The Robertson Building, a brick & beam office building featuring a roof-top garden and an ecological bio-wall situated in Toronto's downtown west-end; 2) 130 Brunswick Avenue, a LEED Silver design-build industrial building recently completed on the west island of Montreal; 3) The London Building, an eleven storey heritage office building located in downtown Vancouver adjacent to the financial core; and 4) Titan Plaza, a well-located, food-anchored retail property in Toronto's west-end. Each of these properties are essentially fully leased to high-quality tenants, with the majority of in-place rents below local market rates, providing the potential to generate enhanced levels of income in the future.
|Recently Acquired Properties||City||Asset Class||Occupancy||Area (sq.ft.)|
|130 Brunswick Blvd.||Montreal||Industrial||100%||125,000|
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, Winnipeg, Toronto, Ottawa, Montreal, Halifax, New York and London (England) CC&L Financial Group and its affiliates are collectively responsible for the management of approximately $46 billion in assets as at December 31, 2013. www.crestpoint.ca
SOURCE: Crestpoint Real Estate Investments Ltd.
For further information:
Kevin Leon, President and CIO
Crestpoint Real Estate Investments Ltd.
Greig McKenzie, Chief Marketing Officer
Connor, Clark & Lunn Financial Group