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CROMBIE REIT ANNOUNCES STRATEGIC ACQUISITION OF ZEPHYR RESIDENTIAL AT 1661 DAVIE STREET
CROMBIE REIT ANNOUNCES STRATEGIC ACQUISITION OF ZEPHYR RESIDENTIAL AT 1661 DAVIE STREET ...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n CROMBIE REIT ANNOUNCES STRATEGIC ACQUISITION OF ZEPHYR RESIDENTIAL AT 1661 DAVIE STREET\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\n NEW GLASGOW, NS\n \n\n ,\n \n\n Sept. 30, 2024\n \n\n /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) announced today that it has entered into a binding agreement to acquire the remaining 50% of Zephyr, in\n \n Vancouver, British Columbia\n \n , from its partner, Westbank Corp., for an aggregate purchase price of\n \n $133 million\n \n . Through this acquisition, Crombie will now own 100% of the residential component, in addition to its existing full ownership of the ground floor grocery-anchored retail. The acquisition is scheduled to close in\n \n October 2024\n \n , subject to Competition Bureau approval.\n \n\n\n\n\n\n\n\n\n \"We are pleased to announce that upon closing of this transaction, Crombie will become the sole owner of one of\n \n Canada's\n \n premier rental residential assets. Zephyr is in one of the country's top markets and further enriches the quality of our rental residential platform,\" said\n \n Mark Holly\n \n , President and CEO. \"The acquisition delivers on our strategy of optimizing our portfolio and to own and operate high-quality assets in vibrant community hubs that serve the everyday essential needs of Canadians. Our strong financial condition allowed us to pursue this important opportunity providing immediate recurring cash flow with significant future growth potential.\"\n \n\n Built in 2021, Zephyr is a mixed-use residential asset anchored by Safeway and includes other complementary necessity-based retailers. Well-located in the West End of downtown\n \n Vancouver\n \n , offering panoramic views of English Bay and\n \n Stanley Park\n \n , Zephyr is comprised of two residential towers, totalling 330 rental suites, and was 93.9% occupied at\n \n June 30, 2024\n \n . This community of homes is focused on living-locally and enjoys a high walkability score in a city ranked among the most walkable cities in the world.\n \n\n As a result of ...