Press Releases, Articles & Announcements
Crestpoint acquires two industrial properties and reaches $9.5 billion AUM
January 17, 2023
TORONTO, ON, January 17, 2023 – Crestpoint Real Estate Investments Ltd. (“Crestpoint”) today announced the completion of two industrial investments with a combined market value of over $180 million.
On December 15, 2022,Crestpoint acquired 7307 Meadow Avenue, a 100% leased, multi-tenant industrial portfolio comprised of six (6) buildings totaling over 190,000 square feet. Centrally located in Burnaby’s “Big Bend” industrial node, the primary and most amenity rich industrial sub-market in Metro Vancouver, the portfolio benefits from strong access to major highways, providing excellent connectivity to downtown Vancouver, the Fraser Valley, and the U.S. Pacific Northwest. Crestpoint acquired a 50% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, with a local investor/developer acquiring the other 50%.
On December 19 Crestpoint acquired 190 Summerlea Road, a 100% leased industrial property located in Brampton, Ontario. The ~305,000 square foot property is situated on a 24.8 acre site located in Bramalea Business Park in Brampton, Ontario, which includes 10 acres of excess land. The asset benefits from close proximity to a number of major highways and streets and provides excellent connectivity to Pearson Airport, CN Rail’s Brampton Intermodal, and the rest of the GTA. Crestpoint acquired a 50% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, with the remaining 50% being acquired on behalf of another institutional client of Crestpoint’s.
The closing of these acquisitions brings Crestpoint’s total assets under management to over $9.5 billion and 35.4 million square feet. This caps off a very active and productive 12 months, which saw the completion of approximately $1.9 billion of acquisitions involving office, industrial, retail, and multi-family opportunities. It was also a very strong 2022 in terms of performance and we would like to thank all of our partners and investors for their tremendous support.
About Crestpoint
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group, and its affiliates are collectively responsible for the management of approximately $104 billion in assets. For more information, please visit: www.crestpoint.ca.
Contact
Elizabeth Steele
Director, Client Relations
Crestpoint Real Estate Investments Ltd.
(416) 304-8743
[email protected]
