CT REIT Acquires Canadian Tire Store in Victoria, Announces Kelowna Redevelopment
1 report, 1 independent
Updated Mon 00:00
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What happened
CT Real Estate Investment Trust acquired a Canadian Tire store in Victoria for $14 million. The REIT also announced a new investment project in Kelowna, which has an estimated cost to complete of $22 million. These investments are expected to add 122,300 square feet of incremental gross leasable area to the portfolio.
From timminspress.com
Why it matters
The acquisitions and projects reinforce CT REIT's growth strategy, adding significant incremental gross leasable area to its portfolio. The investments are expected to earn a going-in yield of 8.45%.
CT Real Estate Investment Trust and Canadian Tire are compared as investments, noting that Canadian Tire is the REIT's most significant tenant.
From timminspress.com
Who's involved
- Canadian TireSeller of the Victoria store and major tenant of CT REIT