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CROMBIE REIT FORMS JOINT VENTURE PARTNERSHIPS TO ENHANCE VALUE CREATION IN HALIFAX, NOVA SCOTIA
CROMBIE REIT FORMS JOINT VENTURE PARTNERSHIPS TO ENHANCE VALUE CREATION IN HALIFAX, NOVA SCOTIA ...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n CROMBIE REIT FORMS JOINT VENTURE PARTNERSHIPS TO ENHANCE VALUE CREATION IN HALIFAX, NOVA SCOTIA\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 Creation of Joint Venture Partnerships with Montez Corporation (\"Montez\"), whereby Montez will acquire a 50% interest in The Marlstone and partner to advance Barrington Street and Brunswick Place through the entitlement process, resulting in value realization and enhanced balance sheet flexibility.\n \n\n\n\n The partnerships establish a stable revenue stream through Crombie's development and management services platform, delivering immediate cash flow through fee income across all three projects.\n \n\n\n\n Enables Crombie to continue to prudently manage its capital allocation and balance sheet capacity.\n \n\n\n\n\n\n NEW GLASGOW, NS\n \n\n ,\n \n\n April 11, 2025\n \n\n /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) today announced that it has signed a joint venture agreement with Montez Corporation, a leading integrated multi-asset real estate investor, developer, and asset manager, whereby it will sell 50% of The Marlstone, a mixed-use residential rental project currently under development, in\n \n Halifax, Nova Scotia\n \n , to Montez (the \"Marlstone Joint Venture\"). Crombie and Montez have also formed two separate joint venture partnerships to advance two key assets, Barrington Street and Brunswick Place, in\n \n Halifax, Nova Scotia\n \n (the \"Entitlement Partnerships\"). The Entitlement Partnerships aim to unlock embedded value from Crombie's mixed-use residential development pipeline while reducing future capital requirements, accelerating value creation, generating revenue from development services, and preserving optionality with respect to development timing and delivery.\n \n\n\n\n\n\n\n\n\n \"These partnerships represent a significant milestone in Crombie's value creation roadmap,\" said\n \n Mark Holly\n \n , President and CEO of Crombie. \"The partnerships provide immediate stabilized cash flow through predictable management fee income, ...