Vancouver, BC, Canada – Concert has announced the acquisition of six industrial properties from Greiner-Pacaud Management Associates of Toronto for $15.4 million. The properties are located in Edmonton, Calgary, Langley and Kelowna, and total more than 320,000 square feet (29,730 square metres) of industrial space.
"This acquisition is part of our business strategy to increase the company's income-producing commercial portfolio," said Concert's President & CEO David Podmore. "It is the first time we have purchased industrial properties outside of British Columbia, and is part of the company's ongoing diversification program."
Concert has acquired or developed a total of 33 industrial/commercial buildings in less than five years. Its industrial and commercial properties portfolio now stands at almost two million square feet (almost 185,808 square metres) of industrial and commercial space valued at approximately $175 million.