Retrocom REIT has acquired two shopping centres from Walmart Canada Realty Inc. and SmartCentres Realty Inc.

The REIT waived due diligence conditions in connection with the purchase agreement. The acquisition will cost approximately $61.6 million.

The Walmart-anchored centres are located in Mission, B.C., and Fergus, Ont. Combined, the centres have approximately 226,000 square feet of leaseable area. Walmart accounts for more than 80 per cent of gross revenues.

Located approximately 60 kilometres from Vancouver along the Lougheed Highway, the Mission Retail Centre is newly developed. Its five buildings consist of a 95,000-square-foot Walmart Supercentre and an 8,600-square-foot Dollarama.

The Fergus Retail Centre is located along Highway 6, approximately 20 kilometres from Guelph, Ont. The centre is newly developed on an 8.5-acre site. Its main retailers are a 95,000-square-foot Walmart Supercentre and an 8,000-square-foot LCBO.