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CROMBIE REIT CLOSES STRATEGIC ACQUISITION OF ZEPHYR RESIDENTIAL AT 1661 DAVIE STREET
CROMBIE REIT CLOSES STRATEGIC ACQUISITION OF ZEPHYR RESIDENTIAL AT 1661 DAVIE STREET Ca...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n CROMBIE REIT CLOSES 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 Oct. 17, 2024\n \n\n /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) announced that on\n \n October 15, 2024\n \n it has completed the previously announced acquisition of 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.\n \n\n\n\n\n\n\n\n\n As a result of the acquisition, Crombie will fully consolidate Zephyr and assume the additional 50% of existing mortgages, equivalent to approximately\n \n $89 million\n \n , with remaining term to maturity of over three years with the balance of the purchase price funded by drawing on a new unsecured bank credit facility. Concurrently with closing, the interest rate on the new unsecured bank credit facility was locked in and together, the total debt has an attractive blended interest rate of 3.5%.\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 Scotiabank acted as the exclusive advisor to Crombie on this acquisition.\n \n\n\n About Crombie REIT\n \n\n\n Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of th...