Canada’s Firm Capital buys $41.6 mln stake in retail properties

Canadian real estate investment trust company Firm Capital Property Trust has bought a 50 percent interest in seven retail properties. The Trust's portion of the acquisition price is approximately $41.6 million.

The acquired properties are situated in Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec. The portfolio is 100 percent occupied and currently owned by Canada-based Crombie Real Estate Investment Trust (REIT).

The property portfolio is comprised of seven properties totaling 296,376 square feet with one of them being occupied by Shoppers Drug Mart and the six being occupied by Sobeys owned grocery stores. 

Firm Capital and Crombie REIT will enter into a co-ownership agreement such that Firm Capital will own 50 percent and Crombie REIT will own 50 percent of the portfolio.