Crombie Real Estate Investment Trust (TSX:CRR.UN)

Real Estate

Crombie Real Estate Investment Trust is a publicly listed real estate investment trust with a diverse portfolio of in real estate properties.

The property type includes retail enclosed, retail plaza, distribution centers, retail freestanding, office, residential, income-producing retail office, and mixed-use properties across Canada.

The company owns various income-producing and growing properties across British Columbia, Alberta, Manitoba, Nova Scotia, Prince Edward Island, Ontario, Newfoundland and Labrador, Quebec, Saskatchewan and New Brunswick.

The company also aims to operate and develop a growing portfolio of pharmacy-anchored shopping centers and high-quality grocery stores.

It is reportedly one of Canada’s leading national retail property managers with assets across urban and suburban markets.

The company claims to focus on high-quality and sustainable real estate properties that have the potential to boost and support local communities.

The commercial portfolio also comprises two office buildings and five shopping centers. In addition, it owns a 50 per cent stake in a Halifax-based shopping center.

Crombie REIT presently has 33 major development opportunities, representing 1.3M square feet of commercial and 9.8 million square feet of residential space.

The company was founded as Atlantic Shopping Centres Limited in 1964. It was then a subsidiary of Sobeys Stores Limited, wherein it would acquire and manage stores, with the latter being a major tenant.

However, the company was acquired by Empire Company Limited in 1976 as part of a corporate reorganization.

In 1994, the real estate company acquired a 50 per cent stake in Bridgewater Mall and East Side Plaza and purchased Halifax Developments Limited.

In 2006, Atlantic Shopping Centres Limited rebranded itself as Crombie REIT.

Some of the properties include 32nd Avenue NE Safeway, 11th Avenue SW Safeway, Westminster Avenue Pharmaprix, 11200 8th Street Safeway, 6112 50th Street Safeway, etc.

Amid the novel coronavirus pandemic, the company introduced two rent support programs to help tenants and businesses owners, reportedly.

In addition, it claims to provide assistance and support to various organizations and NGOs, including Alberta Adolescent Recovery Centre, YMCA Strong Kids and Canadian Mental Health Association.