Crestpoint Real Estate Investments Ltd. has marked the completion of its second year of operation by announcing three recent and significant property acquisitions.
“We are extremely pleased with our recent acquisitions and the portfolio of assets we have accumulated. Despite markets being extremely competitive, we have been successful in acquiring investments at prices we feel provide attractive risk-adjusted returns for our investors,” says Kevin Leon, president of Crestpoint. “By maintaining our disciplined approach to investing, we have generated attractive income and capital returns resulting in top quartile performance. We feel confident in our ability to continue acquiring assets through the remainder of 2013.”
Crestpoint’s most recent acquisition, valued at approximately $47 million and totalling 428,000 square feet, includes four Class A industrial buildings and four prime retail properties located in Mississauga, Ont., and the Greater Toronto Area (GTA). The company has also acquired the 108,000-square-foot Empire office complex located in the heart of downtown Edmonton. These two transactions follow on the heels of Crestpoint’s December 2012 acquisition of a 623,000-square-foot portfolio of industrial and office properties located adjacent to the Pierre Elliott Trudeau Airport in Montreal.
These properties were acquired with highly reputable institutional and private partners, with Crestpoint acting as asset manager for each project
With these recent additions, Crestpoint continues to add both size and diversity to its real estate portfolio, now comprised of 24 high-quality properties located in five provinces, spanning the industrial, retail and office sectors. Average occupancy rates of the properties exceed 90 per cent and include high profile tenants such as Loblaws, Staples, Shoppers Drug Mart, Rona Home Centre, Xerox, McLennan Ross, Rolls Royce, Shred-it and Buro Plus.
Demand for investment opportunities in commercial real estate has grown significantly in recent years as institutional plan sponsors and individual investors seek improved returns, income generation, diversification and protection against future inflation. Crestpoint’s portfolio of office, retail and industrial properties now exceeds 2.6 million square feet and is valued at more than $300 million.
