Vancouver, BC, Canada – Vancouver-based Concert is pleased to announce that it has acquired a significant multi-tenant industrial portfolio in the Greater Toronto Area (GTA).
Comprised of 10 buildings in five properties located in strategic GTA locations, the acquisition totals 1.2 million square feet.
“This industrial portfolio acquisition represents a unique opportunity for Concert to acquire a major property investment position in the Greater Toronto Area,” said David Podmore, President and Chief Executive Officer, Concert Properties. “The portfolio also provides Concert with a good cross section of well-located, working buildings which will provide a stable and secure cash flow to Concert’s growing industrial and commercial investment portfolio.”
Despite the significant competition in the real estate investment markets, Concert continues to be very active in acquiring well-positioned property to diversify and build its already extensive income-producing portfolio.
“The portfolio provides a wide diversification of product type and tenant mix, without relying on one or two major industry sectors and will provide Concert with ongoing opportunities that inevitably arise in a portfolio of this size through new leasing and redevelopment,” added Podmore.
This latest acquisition will bring Concert’s income-producing portfolio in British Columbia, Alberta and Ontario to more than 6.8 million square feet, continuing the company’s strategy of expanding and diversifying its portfolio by asset class as well as geographic location.