Investors Lift Canadian Commercial Real Estate
Canadian commercial real estate investment reached new heights in the second quarter, boosted by a pair of big acquisitions and by the lure of attractive, income-producing property.
Transactions reached C$16.5 billion ($12.5 billion). That’s 38 percent more than the previous record, set in the first quarter of last year, and more than twice the five-year quarterly average, CBRE Group Inc. said in a report Monday. Deal volume for the first six months was C$26.8 billion, a half-year record.
Two large purchases that closed in the second quarter dominated the action — Choice Properties’ acquisition of Canadian Real Estate Investment Trust, and Blackstone Property Partners’ purchase of Pure Industrial Real Estate Investment Trust. Together the deals accounted for 45 percent of the total.