Partners Real Estate Investment Trust (REIT), headquartered in Victoria, British Columbia, has agreed to acquire two retail centers situated in close proximity on Nun's Island in Montreal for approximately C$21.9 million.
Partners REIT will acquire the Centre Village Shopping Centre, 95,000 square-foot retail property that is 97% leased, and Elgar Place, a 10,000 square-foot retail property that is 80% occupied.
‘These acquisitions fit perfectly with our goal to build a portfolio of solid retail assets with consistent and defensible cash flow generating strong yields,’ says Patrick Miniutti, president of Partners REIT. ‘There is very limited retail space on Nun's Island despite the growing local high net-worth population, and no additional land is available for further retail development. These two properties are very attractive to necessity-based retailers and service providers, and we expect to see solid, stable and growing returns from our investment in the years ahead.’