Canadian commercial real estate investment trust Partners REIT recently announced its purchase of one property in Alberta and five in Ontario for a combined amount of close to $108 million (USD $106.7 million).
The new purchases have close to 428,000 square feet of space, and are being paid for with debts, mortgages and other proceeds from previous transactions, the report noted. In total, the properties produce an estimated $7.7 million in net income, annually.
"We continue to be very active growing our portfolio since we took over management of the REIT in June 2010 with the acquisition of retail centres in Quebec, Ontario, Manitoba, Alberta and British Columbia and now these additional five centres in Ontario and one in Alberta," said Adam Gant, chief executive officer for Partners REIT.
The trust has interests in 21 properties across Canada, the report added. The properties contain approximately 1.7 million square feet of available space. However, with this portfolio, the figures will increase to a total of 2.1 million square feet of leasable space over 27 properties.