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Smart REIT forming JV for C$75M Canadian project

Smart Real Estate Investment Trust signed a letter of intent to form a 50/50 joint venture with residential developer Jadco Corp. for a more than C$75 million project in Canada.

The partners plan to build two 15-story towers in Laval, in greater Montreal, on a portion of the REIT's shopping center lands.

The towers will have a total of 330 residential units along with service and leisure amenities and will be connected via a common podium structure with street-front retail units.

Construction is expected to begin in spring 2017, subject to approvals, and occupancy for the first tower is expected in summer 2018.

Smart REIT recently unveiled plans for a high-rise condo project of about 700 units in Vaughan, Ontario, in a joint venture with CentreCourt Developments Inc.

The REIT said the project is part of its strategy to maximize the value of its major-market urban centers by introducing mixed-use development.