Canada's Crestpoint Real Estate acquires 50% stake in industrial portfolio

Toronto-based Crestpoint Real Estate Investments Ltd., a commercial real estate investment manager, has acquired a 50 percent stake in a 4.4-million-square-foot industrial portfolio in and around Calgary.

The portfolio, located near the Calgary International Airport, consists of 14 class-A properties and 131 acres of excess lands. All the properties are new-generation distribution facilities.

Thirteen of the buildings are located within two industrial parks, Stoney Industrial Centre and StoneGate Landing. The other one is located in the CN Calgary Logistics Park in Rocky View County, just north of the other portfolio buildings.

More so, the acquisition, which cost around $120 per square foot, puts Crestpoint Real Estate’s commercial real estate assets under management at more than $4.5 billion.