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Crombie REIT announces acquisition of additional mixed use development site in Toronto, Ontario
Crombie REIT announces acquisition of additional mixed use development site in Toronto, On...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT announces acquisition of additional mixed use development site in Toronto, Ontario\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNEW GLASGOW, NS, July 13, 2017\n\n\n\n/NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWS WIRE SERVICES/\n\n\n\nNEW GLASGOW, NS, July 13, 2017 /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\" or the \"REIT\") (TSX: CRR.UN) announced that it has closed on the acquisition of a property located at 1215-1255 McCowan Road in Toronto, Ontario from a third party vendor for a purchase price of $42.0 million, excluding closing adjustments and transaction costs. \n\nThe site includes 4.5 acres of land located next to the McCowan TTC Station. The property is currently income producing and consists of a 100% occupied 61,000 square foot FreshCo anchored strip retail plaza. FreshCo is the discount banner of Sobeys Inc. operating in Ontario. \"Our initial assessment is that there is opportunity to add significant residential density to this site over time as the property is currently not utilized at its highest and best use,\" stated Donald E. Clow, FCPA, CPA, President and CEO.\n\nThe acquisition of this property adds to Crombie's existing pipeline of development sites which as of March 31st, 2017 consisted of 19 properties representing up to 6,500 residential units and total estimated cost to develop of $2 to $3 billion. These 20 sites are positioned as follows: Toronto GTA (3), Vancouver (9), Calgary & Edmonton (4), Halifax (3) and St John's (1).\n\nMr. Clow added, \"These tremendous opportunities exemplify Crombie's strategic advantage of having a strong relationship with a leading national grocery retailer. Through close collaboration with our largest tenant Sobeys Inc., we are confident we can create significant incremental Unitholder value over the medium to long term.\" \n\nAbout Crombie \n\nCrombie is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 283 income pr...