Crestpoint acquires 50% interest in a 4.4 Million square foot Industrial Portfolio in Calgary
TORONTO, Sept. 19, 2019 /CNW/ - Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the completion of its acquisition of a 50% interest in a 4.4 million square foot industrial portfolio in Calgary, Alberta. Following this major acquisition, Crestpoint's total assets under management for its growing commercial real estate portfolio are over $4.5 billion.
"We are thrilled to be further diversifying our portfolio through the acquisition of 14 best-in-class industrial buildings as well as future development land in the Greater Calgary area. Calgary's industrial market remains strong as the City continues to establish itself as the major distribution hub for Western Canada," said Kevin Leon, President of Crestpoint.
Calgary Industrial Portfolio
Located in close proximity to the Calgary International Airport, the Calgary Industrial Portfolio ("the Portfolio") is comprised of 14 Class "A" industrial properties (approximately 4.4 million square feet) and 131 acres of excess land. Thirteen of the buildings are located within two industrial parks, Stoney Industrial Centre and StoneGate Landing, strategically situated within the North Calgary industrial node. The fourteenth building is located in the CN Calgary Logistics Park, in Rocky View County.
The Portfolio is currently leased to a diverse roster of national and international tenants including Walmart, Whirlpool Canada and Kuehne + Nagel. The Portfolio is comprised of all new generation distribution facilities built between 2008 and 2019.
About Crestpoint Real Estate Investments Ltd.
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager, with over $4.5 billion of gross assets under management, 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, New York and London, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of over $77 billion in assets as at June 30, 2019. For more information, please visit: www.crestpoint.ca.
SOURCE Crestpoint Real Estate Investments Ltd.
Kevin Leon, President, Crestpoint Real Estate Investments Ltd., (416) 304-6632, [email protected]
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