Crombie Real Estate Investment Trust has announced that it recently closed on the sale of Park Lane, a 273,000-square-foot retail and office property in downtown Halifax, for $51.25 million.
The transaction was completed as part of Crombie’s previously announced plan to recycle capital from the sale of certain non-core or lower-growth assets, according to a news release.
Crombie’s year-to-date sales totalling almost $200 million have, in aggregate, been executed at or above fair value, the company said.
The transactions are intended to enhance portfolio quality, with proceeds to be invested in Crombie’s value-creating mixed-use development pipeline, said the release.
“We are executing on our capital recycling program with almost $200 million of year-to-date sales essentially funding the 2018 requirements of our active major development projects,” said Don Clow, president and CEO, in the release.
“Our year-to-date sales are a solid indicator that demand is strong for our properties, including stable e-commerce resistant grocery-anchored assets.”
Crombie is an unincorporated, open-ended real estate investment trust with developments primarily in Canadian urban and suburban markets.