REIT Acquires Commercial Properties in US and Canada

May 19, 2011 / Elizabeth Buckley, Commercial Property Analyst

As the Bahrain-based Investcorp went on a commercial property shopping spree in the United States last month, Artis REIT, a publicly traded income trust, also had a buying splurge as it announced on Wednesday, May 18, 2011, that it had a number of major acquisitions in Canada and the United States that totaled $240 million.

REIT Acquires Commercial Properties in US and Canada

The new Canadian acquisition includes 1165 Kenaston, a 180,689 sq. ft. industrial building and two-storey office complex in Ottawa, Victoria Square Shopping Centre, an enclosed 297,122 sq. ft., regional mall in Regina, McGillivray Cineplex, a 42,725 sq. ft., Cineplex theater in Winnipeg, MTS Place, a 269,124 sq. ft., two-building office complex in the center of Winnipeg’s financial district and 415 Yonge Street, a 191,880 sq. ft., 19-storey office building in downtown Toronto.

On the other hand, in the United States, Artis is planning to acquire 605 Waterford Park, a 199,365 sq. ft. Class A suburban office building in a suburb of Minneapolis and the Ryan retail portfolio, which is comprised of five shopping centres, shadow-anchored by Target Supercentres and located throughout the greater Minneapolis-St. Paul area.

The Canadian acquisitions are worth a combined total of $189 million while the south of the border Artis purchases is worth $53.3 million.

Winnipeg-based Artis also confirmed the closing of $60.3 million of previously announced Canadian office and industrial property acquisitions, which included a 50 percent interest in the Cara Foods Building, a 100,398 sq. ft. LEED Silver office complex in Vaughn in the north of Toronto and a newly constructed, 3M distribution facility, state of the art industrial building in Milton, west of Toronto.

The units in Artis, which were reported after markets closed, went up a penny at $14.06 Wednesday, May 18, 2011 on the Toronto Stock Exchange.

 

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