Crestpoint Real Estate Investments Ltd., an investment company based in Toronto, announced this week it has purchased a portfolio of 12 office and industrial buildings in Vancouver and Burnaby, including the head office of Mountain Equipment Co Op in the False Creek Flats neighbourhood.
“This portfolio allows Crestpoint to build on the strong performance of earlier acquisitions in Vancouver while enhancing its economies of scale in this tightly held market,” Crestpoint said in a press release. “Existing rents in this portfolio are well below market, providing upside potential to grow future income.
“Acquired in partnership with PSP investments [the Public Sector Pension Investment Board], one of Canada’s largest pension investment managers, this portfolio collectively comprises close to one million square feet of prime real estate assets.”
As of press time, Crestpoint has not responded to Business in Vancouver’s request for further information, including the purchase price of the MEC building or the details of the other Metro Vancouver properties.
The company also announced the purchase of an art research and design centre and a 50% interest in the Broccolini Corporate Centre Kirkland, both in Montreal, as well as a 50% interest in the Dundas-Edward Centre in Toronto.
@EmmaHampelBIV
