Equipment Leasing News: Homburg REIT (TSX:HCR.UN) to buy 29 shopping centres for $114.9 million, sell Atlantic assets
VANCOUVER, BC (September 16, 2011) Clearlease Financial Reports Real estate owner Homburg Canada REIT (TSX:HCR.UN) is buying shopping centres in Quebec and Ontario and selling off its residential properties as it repositions toward a retail-focused portfolio and away from residential buildings.
The Montreal-based trust said Friday Sept 16, 2011 that it has agreed to pay $114.9 million for 29 neighbourhood shopping centres in Quebec and Ontario, while selling 42 buildings on 23 separate properties in Atlantic Canada for $65 million, from which it will net $37 million after repaying mortgages and other costs.
“With this acquisition, the REIT continues to grow its retail footprint in Quebec and particularly in Montreal,” president and CEO Jim Beckerleg said in a statement.
“The residential portfolio is no longer a part of our long-term strategic plans. The REIT will continue to focus its activities on the retail and office sectors of the commercial real estate market.”
Pharmacy operator Jean Coutu Group (TSX:PJC.A) is the main tenant at 24 of the 29 shopping centres, alongside other major retail brands such as IGA, Metro (TSX:MRU.A), Shoppers Drug Mart (TSX:SC)and Dollarama (TSX:DOL). Twenty-six of the properties are in Quebec and three are in Ontario.
That deal is expected to close later this month.
The trust is 16.4 per cent owned by Halifax-based commercial real estate owner Homburg Invest (TSX:HII.A), which is currently undergoing a restructuring under the Companies’ Creditors Arrangement Act.
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