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Crombie REIT announces two new mixed use development partnerships
Crombie REIT announces two new mixed use development partnerships Canada NewsWire ...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT announces two new mixed use development partnerships\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, April 11, 2018\n\n\n\nNEW GLASGOW, NS, April 11, 2018 /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) has entered into two joint venture partnerships with an affiliate of Place Dorée and Groupe Canvar (\"Prince Developments\" or \"PrinceDev\"). \n\nOne partnership results in Crombie becoming a 50% partner in the new Le Duke mixed use development at 297 Rue Duke in Montreal adjacent to the new Bonaventure Greenway in Old Montreal, comprising an estimated $127 million investment, 25 storey mixed use tower with 390 residential rental units above a 25,000 sq. ft. IGA branded Sobeys grocery store, 1,000 sq. ft. of retail space with frontage on William Street and 300 underground parking stalls. The new building will retain the existing heritage building currently on site, integrating the two story façade and structure into the new development. Le Duke represents a new development pipeline property for Crombie; enhancing its existing development pipeline. Development of Le Duke commenced in late 2017 with completion estimated in 2020.\n\nThe second partnership results in PrinceDev becoming a 50% partner in Crombie's estimated $275 million Oakville, Bronte Village mixed use development which is being developed as a residential rental development, replacing the existing Bronte Village Mall with 480 units of refined rental living. Bronte Village will feature two residential rental towers (14 and 10 storeys), 800 underground parking spaces and 17,500 sq. ft. of new complimentary retail space. The existing 30,000 sq. ft. Sobeys is expected to remain operational during the redevelopment. Bronte Village is expected to commence construction in 2018 with completion estimated in 2020.\n\nThese projects and partnerships support Crombie's strategy to improve portfolio quality, increase diversification and drive net asset value, while building high quality, sustainable cash flow an...