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Crombie REIT Announces $103.7 Million of Dispositions
Crombie REIT Announces $103.7 Million of Dispositions Canada NewsWire NEW GLASGO...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT Announces $103.7 Million of Dispositions\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.prngen2{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prntbls{\nBORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNEW GLASGOW, NS, Jan. 16, 2019\n\n\n\n NEW GLASGOW, NS, Jan. 16, 2019 /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) is pleased to announce $103.7 million in dispositions, including $41.6 million for a 50% interest in seven retail properties (the \"Portfolio\") to Firm Capital Property Trust (\"FCPT\").\nThese transactions are part of Crombie's previously announced plan to recycle capital from the sale of certain non-core, and/or lower growth assets with proceeds to be invested in Crombie's value-creating mixed use development pipeline. None of the assets discussed herein are included in Crombie's mixed use development pipeline.\n\"We are very pleased with our capital recycling activities as we continue to validate our Net Asset Value (NAV) by disposing of properties at or above IFRS fair values\", stated Don Clow, President & CEO. \"This speaks to the quality of our portfolio, the resilience of grocery and drug store anchored retail real estate and our attractiveness as a partner in completing joint ventures where Crombie retains both an ownership interest and ongoing property management.\"\nPending Transactions\nThe $41.6 million 50% joint arrangement with FCPT consists of seven retail properties located in Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec and is comprised of 296,376 square feet with closing scheduled to occur...