Cominar Acquisition/Refi Deals Exceed $109M

MONTREAL-Quebec City-based Cominar Real Estate Investment Trust has embarked on several recent ventures, including acquisitions valued at more than $30 million and refinancing activity totaling roughly $135 million.

The REIT has already completed two real estate buys this year, both in the Montreal area. The first acquisition is an industrial and mixed-use property located in an industrial park along highway 30. The 59,462-sf facility, which carried a price tag of $2.4 million, is fully occupied by Hydro-Quebec. Comair also has closed on the $2.6-million purchase of a 40,721-sf retail center in Laval, Quebec.

In addition, Cominar has signed an agreement to pay $1.8 million for a 66,185-sf industrial property in Dorval, Quebec. The closing is expected to take place in July. In addition, purchase agreements for two retail properties in Montreal include a $6-million deal for a 64,000-sf St. Leonard center scheduled to close in March, and an under-construction facility in Laval that is expected to close in May. Cominar is paying just over $6 million for the 65,000-sf asset.