Partners Real Estate Investment Trust (TSX V:PAR.UN) has acquired the Evergreen Shopping Centre in Sooke, B.C.
The open-air centre is 96.2% occupied and is home to a Western Foods grocery store, a Shoppers Drug Mart, a BC Liquor outlet and a Royal Bank.
According to the REIT, the property generates approximately $1.2 million a year and management expects it will generate $400,000 in incremental funds to the trust.
Partners boughtthe property for $15.8 million, and the transaction is expected to close by the end of August.
Adam Gant, CEO of Partners REIT, said “We are pleased to be extending our presence in the British Columbia market with this acquisition.
“The purchase is consistent with our strategy to strengthen, expand and further diversify our portfolio by acquiring well-positioned community and neighbourhood properties in growth markets with consistent strong cash flows derived from tenants that provide necessity-based products and services.”
Jennifer Harrison