Strathallen announces closing the acquisition of a 44 property portfolio from OneREIT

TORONTO, Oct. 4, 2017 /CNW/ - Strathallen Capital Corp. ("Strathallen") announced today that on behalf of its Investor Clients, it has closed on the previously announced transaction to acquire a retail portfolio of 44 properties from a subsidiary of OneREIT. The purchase price of the transaction is $702.9 million and equity funding will be provided by Strathallen Retail Property Fund IV and an institutional investor partner.

The portfolio is comprised of 44 properties, 4.6 million square feet of retail space representing diversity of geography, scale and tenants. The primary occupants of the portfolio include; grocery, drug stores and services.   

A listing of the properties comprising the portfolio:

Brian Spence, Chairman of Strathallen notes: "we are excited to have the opportunity to create value for our Investor Clients. We thank everyone who helped and supported us completing this transaction".

Laetitia Pacaud, President, stated: "Since the transaction announced in August, Strathallen has continued to refine our value add strategies for the portfolio. Our national platform is ready and excited to execute on behalf of our investors".

The Strathallen acquisition is part of a larger transaction announced by OneREIT on August 4, 2017, whereby OneREIT agreed to sell all of its assets and liabilities to Strathallen and Smart Real Estate Investment Trust ("SmartREIT") and redeem all of its publicly traded units (the "Transaction").

About Strathallen

Strathallen is a fully integrated Canadian real estate management company. The Transaction has increased assets under management to approximately $1.7 billion and 8.9 million square feet. Founded in 2003 by seasoned real estate executives, Strathallen provides asset management, property management and strategic advisory services to institutional and high net worth investors. The Company currently manages and operates four private closed-end funds, with the mandate to strategically acquire and dispose of quality retail investments and deliver industry leading risk- adjusted returns. Strathallen provides investors with confidence through co-investing and incentive fee arrangements. The Company is supported by; in-house asset management, property management, financial, leasing and development teams. Strathallen specializes in creating value in opportunistic property investments on behalf of institutional clients.

SOURCE Strathallen Capital