December 10, 2018, VANCOUVER, BC – Concert’s CREC Commercial Fund LP (the “Fund”) today announced the acquisition of a fully leased industrial portfolio comprising three buildings in Richmond, British Columbia, Calgary, Alberta and Vaughan, Ontario.
“This acquisition represents an excellent opportunity for the Fund to expand its foothold in three core Canadian industrial markets through the addition of a single-tenant portfolio,” says Brian McCauley, Concert’s President & Chief Executive Officer.
The three properties, all strategically located within close proximity to major markets and transportation routes, comprise a total leasable area of 121,951 square feet, with individual properties ranging from approximately 28,000 to 66,000 square feet. The modern and highly-functional distribution facilities are leased on a long-term, triple-net lease basis to C.R. Laurence of Canada Limited, a leading supplier and manufacturer of products to the glass and glazing industry. With €27.6 billion in sales in 2017, CRL’s parent company, CRH plc, is a leading supplier of building materials to customers worldwide and employs over 85,000 people across 3,600 locations globally.
“With a strong covenant in place, attractive contractual annual rent steps and long-term leases, this acquisition provides a unique opportunity to further enhance the overall quality of the Fund’s portfolio,” says Andrew Tong, Senior Vice President, Investments and Managing Director of CREC Commercial Fund LP.
Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio valued at approximately $1.4 billion. With ongoing plans to expand, this open-ended, limited partnership fund maximizes long-term value for investors by investing in, and managing, commercial and office real estate in Canada. Serving as Concert’s exclusive office and industrial platform, this high-quality portfolio is managed by Concert. With the acquisition of this unique portfolio, the Fund has grown to 67 office and industrial properties totaling nearly 8.4 million square feet.
Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing commercial, industrial and infrastructure properties and in property management. With operations across Canada and the backing of more than 200,000 Canadians represented by the union and management pension plans who own Concert, our commitment is to build strong, sustainable communities across Canada.
Director, Corporate Communications
EHodgins@ConcertProperties.com | 604.602.3822