CRESTPOINT ACQUIRES 121 KING STREET, SURPASSES $8 BILLION MARK IN AUM
TORONTO, April 27, 2022 /CNW/ - Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the acquisition of 121 King Street, a 540,000 square foot, Class A office building located in Toronto's financial district, one block from the corner of King and Bay streets. This 25 storey office tower has been recently renovated and is LEED EB Gold, BOMA BEST Gold, Wired Score Platinum, Fitwel Viral Response and Rick Hansen Certified. The building provides direct access to Toronto's underground PATH system and a variety of retail and entertainment amenities. In addition, the property is well served by a variety of transit options including direct access to the St. Andrew's Subway station, the King streetcar route and the GO Train at Union Station.
The building is home to a roster of quality tenants including the Federal Government of Canada and National Bank of Canada. Crestpoint acquired a 100% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, and another institutional partner. Colliers Capital Markets acted as exclusive buy side advisor to Crestpoint on the deal. Property management services will be provided by JLL.
The closing of the 121 King Street acquisition brings Crestpoint's total assets under management to over $8 billion and 30 million square feet. This caps off a very active and productive 12 months, which saw the completion of $2 billion of acquisitions involving office, industrial, retail and multi-family opportunities, adding over 5.6 million square feet to its portfolio.
"Over the past year, we have grown the portfolio significantly and added landmark, high quality properties like 121 King Street and the Amazon Distribution Centre in Ottawa," said Kevin Leon, President and CEO of Crestpoint. "The ability to add a Toronto financial core building connected to the PATH system in such a strong location, with high quality tenancies further elevates the profile of the Crestpoint Core Plus Real Estate Strategy portfolio. With our active management approach we look forward creating a dynamic workplace for the tenants that call 121 King Street home and we are optimistic the long term market for high quality office buildings in downtown Toronto will flourish. The Crestpoint Core Plus Real Estate Strategy continues to offer investors access to a well-diversified, high quality portfolio which continues to perform extremely well."
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of approximately $104 billion in assets. For more information, please visit: www.crestpoint.ca.
SOURCE Crestpoint Real Estate Investments Ltd.
Elizabeth Steele, Director, Client Relations, Crestpoint Real Estate Investments Ltd., (416) 304-8743, esteele@cclgroup.
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