Cominar acquires 18 industrial properties and one office property for USD149.8m
Cominar Real Estate Investment Trust has acquired a portfolio of 18 industrial properties primarily located on the South Shore of Montréal and one office property located in Montréal, for a purchase price of CAD149.8m, subject to certain closing adjustments.
The portfolio represents a total of approximately 1.8 million square feet of leasable area, consisting of approximately 1.7 million square feet of industrial space and approximately 0.1 million square feet of office space.
As part of this transaction, Cominar also acquired a vacant lot of 173,569 square feet located in Saint-Bruno-de-Montarville, for CAD1.4m. The portfolio has an occupancy rate of 97.2 per cent.
Michel Dallaire (pictured), Cominar's president and chief executive officer, says: "We are most excited by this acquisition which strengthens Cominar's position on the South Shore of Montréal, which will enable us to better serve the needs of our clients and to achieve enhanced operational synergies."