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Crombie REIT finalizes sale of nonmanaging stake in 15-property portfolio

Crombie REIT closed the sale of an 89% nonmanaging stake in a 15-property portfolio to an affiliate of Oak Street Real Estate Capital LLC for C$193.3 million, raising C$102.6 million in net proceeds.

The Canadian retail real estate investment trust said it will still own an 11% ownership interest and continue to manage and operate the portfolio, which mainly includes free-standing grocery-anchored properties totaling about 720,698 square feet.

BMO Capital Markets Real Estate Inc. was the exclusive adviser to the REIT on the transaction.