Victoria-based Partners REIT (TSX:PAR.UN) announced May 13 that it spent $45.9 million to acquire two retail centres in metropolitan Montreal.
The two centres combine to add 169,932 square feet of gross leasable area to the REIT.
Partners financed the purchase with $27.6 million in new mortgages with a weighted average interest rate of 3.75%. The balance was paid in cash.
One of the acquisitions is Marcel-Laurin, which is a new 120,566-square-foot, open-air retail centre, anchored by a Metro grocery store and a Brunet Pharmacy with no scheduled lease rollover until 2020. Marcel-Laurin has a prominent location in a retail area of Montreal suburb Saint Laurent.
Partners' second acquisition is the Repentigny Shopping Centre, which is a 49,366-square-foot, open-air stabilized retail centre, anchored by a Familiprix, Dollarama, and Banque Nationale du Canada.
The centre is on Boulevard Iberville in the Montreal suburb of Repentigny.
"The acquisition of the Marcel-Laurin and Repentigny properties continues to reflect the strategy of Partners REIT of acquiring high quality, necessity-based and stable properties which are accretive and which provide unit holders with long-term and defensible cash flow," said Edward Boomer, chief investment officer at Partners.
