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Crombie REIT discloses Q2 property deals

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Crombie REIT discloses Q2 property deals

During the second quarter, Crombie Real Estate Investment Trust disposed of a partial interest portfolio comprising 26 properties for total proceeds of C$161.6 million.

The Canadian retail real estate investment trust also sold a 39,000-square-foot property at Markham Road in Toronto for C$21.5 million and a land parcel in Langford, British Columbia for C$3.3 million.

Subsequent to the period, the REIT sold an 89% interest in a 50,000-square-foot retail property in Charlottetown, Prince Edward Island, for about C$9.8 million. It also sold its 100% interest in a 36,000-square-foot retail property in Grimsby, Ontario, for total proceeds of C$12.3 million before closing adjustments and transaction costs.

On Aug. 1, Crombie bought a 50% interest in a 15,000-square-foot retail property in Toronto from Sobeys for C$9.5 million.

On Aug. 2, the company transferred air rights at its Davie Street property to 1600 Davie LP following a 2016 joint venture arrangement for a total gain on the transfer, before closing adjustments and transaction costs, of about C$14.9 million.

Separately, Crombie said retailers Old Navy, Gap, Banana Republic and H&M are set to occupy roughly 53,000 square feet at its Avalon Mall in Newfoundland and Labrador, which is being redeveloped.