Artis REIT has begun looking east by acquiring the Concorde Centre and Cancross Court portfolio for an aggregate purchase price of $116.5 million. Concorde Corporate Centre is a three-building Class A suburban office complex comprising 548,742 square feet of leasable area, located in Toronto’s Don Mills and Eglinton office node, with tenants that include Home Depot Canada, Sport Alliance of Ontario, TD Bank, ESRI Canada and Deloitte & Touche. Cancross Court, located in Mississauga, is a two-building Class A suburban office complex comprising 143,877 square feet of leasable area, and currently fully occupied by three tenants, the largest being HB Group Insurers. Artis acquired this portfolio through Crown Realty Partners. Crown Realty Partners has been responsible for the management of these properties and will continue on in this capacity.
“As the gross book value of our asset base approaches the $2 billion mark, we believe it is prudent to diversify our portfolio beyond our core Western Canadian market,” said Armin Martens, CEO of Artis REIT. “The GTA is a large and vibrant investment market and expanding our focus to include this market enables Artis to pursue more accretive investment opportunities for the benefit of our unitholders.”