A Toronto-based real estate investment company has acquired $500 million in new property so far this year, including several Metro Vancouver office and industrial buildings.
Crestpoint Real Estate Investments Ltd. announced today it has added four significant aquistitions to its existing portfolio, bringing its gross asset value to approximately $3.5 billion.
"We are excited about the most recent additions to our portfolio," said Kevin Leon, president of Crestpoint. "Our growth has been tremendous and the calibre of assets we've been able to acquire has allowed us to build a high quality and well-diversified portfolio.”
Crespoint’s most recent Metro Vancouver acquisition includes the head office of Mountain Equipment Co-op (MEC), located in the False Creek Flats neighbourhood near the VCC-Clark SkyTrain station. The MEC building is 122,343 square feet and was built in 2014 specifically for the company. Rents on the portfolio’s 12 industrial and office buildings are presently below market value.
Western Investor reached out to Crestpoint for the individual purchase price of the MEC building and addresses of the additional properties but did not receive a response by press time.
The Metro Vancouver properties were purchased in partnership with the Public Sector Pension Investment Board (PSP Investments).
The announcement included the acquisition of ABB’s reseach and design centre in Montreal’s West Island; 50 per cent interest in the Broccolini Corporate Centre Kirkland in West Island; 50 per cent interest in the Dundas-Edward Centre in downtown Toronto.
