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Crombie REIT Announces $98.2 Million Property Disposition
Crombie REIT Announces $98.2 Million Property Disposition Canada NewsWire ...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n Crombie REIT Announces $98.2 Million Property Disposition\n \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 Canada NewsWire\n \n \n \n \n \n NEW GLASGOW, NS\n \n ,\n \n Oct. 19, 2021\n \n /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) announced today that it has entered into an agreement to sell a 50% non-managing interest in its\n \n Pointe-Claire, QC\n \n Customer Fulfilment Centre, to Nexus REIT (\"Nexus\") for a total purchase price of\n \n $98.2 million\n \n , including the purchaser's assumption of\n \n $61.5 million\n \n mortgage financing related to the property.\n \n \n \n \n \n \n \n \n \n Due diligence conditions have been waived for Crombie to enter into a joint operation with a subsidiary of Nexus and closing is scheduled to occur in\n \n December 2021\n \n . Crombie will continue to manage the property via a property management agreement with Empire Company Limited (\"Empire\"), who will operate their Quebec Voilà par IGA e-commerce platform out of this facility.\n \n \n \"We are pleased with this transaction as it speaks to the quality of our retail-related industrial portfolio and our attractiveness as a partner in completing joint arrangements where Crombie retains both an ownership interest and ongoing property management,\" said\n \n Don Clow\n \n , President and CEO. \"Crombie continues to access multiple sources of capital, and remains committed to a strong and improving balance sheet. The net proceeds from the partial interest sale will primarily be used to support our continued investment in Empire-related initiatives and our development program as we continue to focus on creating an optimal asset mix of grocery-anchored retail combined with mixed-use residential, and retail-related industrial properties in\n \n Canada's\n \n top urban markets.\"\n \n \n Nexus is a growth-oriented industrial-focused commercial REIT. Nexus has a quality portfolio of industrial, office, and retail properties in\n \n Canada\n \n with a focus on acquiring and owning industrial properties.\n \n \n BMO Capital Mar...