Cominar REIT further expands its Montreal portfolio
Cominar Real Estate Investment Trust (REIT) has completed the acquisition of a Montreal office building covering a leasable area of 136,000 square feet. The transaction amounts to $12.2 million and the capitalization rate related to this acquisition is 8.4 per cent. The property is located in the Côte-des-Neiges-Notre-Dame-de-Grâce district, where the REIT already owns several other properties, and is 97 per cent leased. This acquisition brings to 1.3 million square feet the leasable area of the income-producing properties acquired by Cominar in 2010 for a total consideration of $131.6 million and an 8.9 per cent weighted average capitalization rate.
Cominar is the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 255 properties, consisting of 48 office, 51 retail and 156 industrial and mixed-use buildings that cover a total area of over 20 million square feet in the Greater Québec City, Montréal and Ottawa areas as well as in the Atlantic Provinces.