Crestpoint Real Estate Investments has recently acquired three office blocks to add to its portfolio.
The office towers have a total value of $190 million and takes the firm’s total assets under management to $4.9 billion.
The buildings are Place du Canada in Montreal (completed December 30, 2019); and Calgary’s Stampede Station (completed January 30, 2020) and TransAlta Place (completed January 30, 2020).
The Montreal building is in the city’s central business district and is a 384,000 square foot, 22-storey office building with two levels of retail and a 352-stall underground parking garage.
The building has some high-profile tenants including National Bank and Fuller Landau Associates. Crestpoint acquired a 97% interest on behalf of its open-end fund; the remaining 3% was acquired by the Redbourne Group, who will also provide property management services.
Calgary towers
The firm acquired 100% of the two Calgary properties, which are both in the Beltline district.
Stampede Station is a 162,000 square foot, 10-storey Class-A office building with ground-floor retail and 373 underground and surface parking stalls.
TransAlta Place is comprised of three office buildings totaling over 336,000 square feet and 295 underground parking stalls, encompassing an entire city block.
The recently but for Crestpoint the acquisitions represent a good deal.
“While Crestpoint has existing industrial and retail assets in the Greater Calgary Area, we are excited to announce that these two acquisitions mark our first office investments in Calgary. This investment is attractive as it provides a cost base well below replacement cost, an attractive going-in yield and upside in the future either through re-leasing the existing office space or at some point in the future the creation of high-rise residential projects. The Beltline continues to be one of Calgary’s fastest growing areas given the convenient access to amenities, attractions, public transit and recent multi-residential development,” said Kevin Leon, President of Crestpoint.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
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