Partners REIT has entered into agreements with separate vendors to acquire four newly-constructed, necessity-based, open-air retail centres and one stabilized retail centre in the Greater Montréal region totaling approximately 286,500 square feet of gross leasable area for approximately $78.5 million. The tenant roster of the properties includes three grocery stores, two drug stores, two SAQ stores and three Tim Horton’s stores, all on long-term leases.
“These combined transactions mark one of our larger aggregate acquisitions to date with the properties providing extremely strong tenancies and stable long-term cash flow. These acquisitions also and significantly strengthen our presence in the vibrant Greater Montréal Region,” commented Patrick Miniutti, president. “Importantly, these properties consist predominantly of brand-new retail formats that will attract both tenants and consumers to the properties.”