One of Canada’s largest real estate investment trusts, Calloway REIT, has acquired four Walmart-anchored shopping centres in Ontario for $231.5 million.

The centres, which were owned jointly by Walmart and SmartCentres Realty Inc., are in Ottawa, Kanata, Niagara Falls and Port Perry. The properties comprise approximately 820,000 square feet of leaseable area, with the potential to add another 260,000 square feet.

“We are delighted to be adding these high-quality, national tenant dominated shopping centres to Calloway’s existing strong portfolio of open format shopping centres,” says Calloway’s president and CEO, Huw Thomas.

Calloway is in negotiations with a third party partner to take a 50 per cent interest in the mixed-use retail and office complex in Ottawa, for an estimated $50.5 million. The property is currently in the process of receiving its LEED (Leadership in Energy and Environmental Design) silver certification.

Anchored by Walmart Supercentres, the developed portions of the four shopping centres are 100 per cent occupied. National tenants account for 97 per cent of the in-place tenants. The weighted average remaining lease term is 15.5 years.