Press Releases, Articles & Announcements
Crestpoint acquires two industrial properties and reaches $9.5 billion AUM
January 17, 2023
TORONTO, ON, January 17, 2023 – Crestpoint Real Estate Investments Ltd. (“Crestpoint”) today announced the completion of two industrial investments with a combined market value of over $180 million.
On December 15, 2022,Crestpoint acquired 7307 Meadow Avenue, a 100% leased, multi-tenant industrial portfolio comprised of six (6) buildings totaling over 190,000 square feet. Centrally located in Burnaby’s “Big Bend” industrial node, the primary and most amenity rich industrial sub-market in Metro Vancouver, the portfolio benefits from strong access to major highways, providing excellent connectivity to downtown Vancouver, the Fraser Valley, and the U.S. Pacific Northwest. Crestpoint acquired a 50% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, with a local investor/developer acquiring the other 50%.
On December 19 Crestpoint acquired 190 Summerlea Road, a 100% leased industrial property located in Brampton, Ontario. The ~305,000 square foot property is situated on a 24.8 acre site located in Bramalea Business Park in Brampton, Ontario, which includes 10 acres of excess land. The asset benefits from close proximity to a number of major highways and streets and provides excellent connectivity to Pearson Airport, CN Rail’s Brampton Intermodal, and the rest of the GTA. Crestpoint acquired a 50% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, with the remaining 50% being acquired on behalf of another institutional client of Crestpoint’s.
The closing of these acquisitions brings Crestpoint’s total assets under management to over $9.5 billion and 35.4 million square feet. This caps off a very active and productive 12 months, which saw the completion of approximately $1.9 billion of acquisitions involving office, industrial, retail, and multi-family opportunities. It was also a very strong 2022 in terms of performance and we would like to thank all of our partners and investors for their tremendous support.
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group, and its affiliates are collectively responsible for the management of approximately $104 billion in assets. For more information, please visit: www.crestpoint.ca.
Director, Client Relations
Crestpoint Real Estate Investments Ltd.