Calloway Real Estate Investment Trust will be known as Smart Real Estate Investment Trust (SmartREIT) and begin trading under the Toronto Stock Exchange (TSX) ticker symbol SRU.UN as of July 8, 2015. The new name follows from Calloway’s $1.16-billion acquisition of the SmartCentres portfolio of retail centres earlier this year.
That deal added 24 properties in Ontario and Quebec to Calloway’s holdings, while entrenching SmartCentres’ founder, Mitchell Goldhar, as the REIT’s largest unitholder. The newly dubbed SmartREIT now owns and manages more than 30 million square of retail space in centres primarily anchored by Walmart.
“The result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction — all under one roof,” a SmartREIT release proclaims. “Our new name is a reflection of our combined capabilities.”