Cominar REIT has acquired a portfolio of 68 properties in Montréal and Ottawa from GE Capital Real Estate’s Canadian equity platform, comprising a total of 4.3 million square feet. The portfolio consists of 14 office buildings (1.5 million square feet) and one vacant land parcel (3.4 acres) in Ottawa, 23 office properties (1.2 million square feet) and 23 industrial properties (1.3 million square feet) in Montréal and 4 office properties (200 thousand square feet) and 3 industrial properties (53 thousand square feet) in Québec City, all for the purchase price of $697 million.
The acquisition will increase Cominar’s asset base by approximately 14 per cent to 35 million square feet and has a meaningful impact on the REIT’s geographic diversification profile, increasing its Ontario net operating income contribution from five per cent to 11 per cent.