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.