Cominar REIT buys Beloeil's Montenach Mall for $60 M
Quebec's Cominar Real Estate Investment Trust has acquired the 328,050 square feet Montenach Mall in South Shore Beloeil for $60 million. Cominar REIT is reportedly wanting to deepen its Montreal region shopping center base.
According to a report by Montreal Gazette, Montenach Mall has a Canadian Tire store and a Super C supermarket as anchor tenants. The mostly enclosed mall is home to many well-known national and Quebec outlets. Montenach Mall is 93.2% rented. The real estate investment trust, however, did not reveal the identity of the seller, the report said.
Cominar REIT is Quebec's biggest commerical property owner and manager with assets of almost $6 billion. It is also Canada's third biggest diversified real estate investment trust, Montreal Gazette said.
Cominar REIT owns 496 office, retail, industrial and mixed-use properties totalling 37.1 million square feet of leasable space. The said properties are located across Quebec, Ontario, the Atlantic Provinces and Western Canada, the report said.
Last month, Cominar REIT posted earnings of $58.3 million, up 83.3% from a year earlier, Montreal Gazette wrote.