Cominar REIT acquires Beloeil mall for $60 million

MONTREAL — Cominar Real Estate Investment Trust is deepening its Montreal region shopping-centre base with acquisition of the 328,050 sq. ft. Montenach Mall in South Shore Beloeil for $60 million.

The mostly enclosed mall has a Canadian Tire store and a Super C supermarket as anchor tenants, plus many well-known national and Quebec outlets. It is 93.2 per cent rented. Cominar did not immediately reveal the seller’s identity.

Cominar, based in Quebec City, is Quebec’s biggest commercial property owner and manager with assets of almost $6 billion. It also Canada’s third biggest diversified REIT.

It owns 496 office, retail, industrial and mixed-use properties totalling 37.1 million square feet of leasable space across Quebec, Ontario, the Atlantic Provinces and Western Canada. Last month it posted earnings of $58.3 million, up 83.3 per cent from a year earlier.

Source: edmontonjournal.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s