| Posted: Aug. 5, 2022, 4:28 p.m. | Updated: Aug. 5, 2022, 7:30 p.m. | 1 Min Read
Pro Real Estate Investment Trust and Crestpoint Real Estate Investments Ltd. announced a partnership to split a portfolio of 42 properties in Atlantic Canada. Stock photo.DARTMOUTH, N.S. — Pro Real Estate Investment Trust and Crestpoint Real Estate Investments Ltd. have partnered to split ownership of 42 mostly industrial properties in Atlantic Canada.
The deal will see the companies jointly own 41 properties in Dartmouth and one in Moncton, N.B. Twenty-one of the properties were bought from a third party for $228 million, with the two buyers splitting the cost. PROREIT also sold half of its full ownership of 21 other properties to Crestpoint for $113.5 million.
PROREIT's property management business, Compass Commercial Realty, will manage all the properties and collect fees.
Source: News Formal (newsformal.com)