2006/10/11
CREIT has partnered with NAPG in Québec

Canadian Real Estate Investment Trust (“CREIT”) acquired from North American Development Group (“North American”) a 50% undivided interest in a new format unenclosed retail property in Boucherville, Québec (located on the south shore of the Greater Montreal Area) consisting of approximately 500,000 square feet of leasable area for approximately $70.7 million.

“This acquisition increases our portfolio weighting in high-quality, well-anchored and well-leased retail properties. We are delighted to partner with North American Development Group on this transaction” said Stephen Johnson, President and CEO of CREIT.

North American was represented by De Grandpré Chait LLP, with a team composed of Fredric L. Carsley and Philippe de Grandmont (real estate and financing) and Martin Raymond (tax).