Crestpoint

Crestpoint reaches $2.5 billion in assets

Tuesday, August 16, 2016

Crestpoint Real Estate Investments Ltd. (Crestpoint) has completed three acquisitions that bring its diversified portfolio to $2.5 billion in its fifth year of operation.

Totalling $470 million, the deals include a 50 per cent interest in the 100-year-old North Toronto Station, a 90 per cent interest in the Anthem Retail Portfolio in western Canada, and 100 per cent interest in a large single tenant distribution facility in Montreal.

Over the past five years, Crestpoint’s team has evolved into ten highly experienced members in real estate investment and asset management, who now oversee a portfolio that exceeds 17 million square feet and 158 properties across office, industrial and retail.

Kevin Leon, president of Crestpoint, says reaching the $2.5 billion mark “is a testament to the confidence our clients have placed in our team and our approach.”

The acquisitions include:

  • A 327,000-square-foot Brick distribution facility in Montreal that was acquired from Dream Industrial REIT for $37. 5 million. The property, which is fully leased to The Brick until 2024, is the company’s sole warehouse that has an additional 9.5 acres available for future expansion.
  • The $362 million Anthem Retail Portfolio consists of eleven shopping centres situated in B.C. and Alberta. The properties are 97 per cent leased and more than 1,400,000 square feet.
  • The iconic North Toronto Station retail property was acquired for about $36.5 million. Crestpoint partnered with Westdale Construction Co. Limited, an existing owner and manager of the property.

Photo: North Toronto Station

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