Real estate investments – CREIT Adds a Top Tenant

Article Excerpt

CANADIAN REIT $28 (Toronto symbol REF.UN; SI Rating: Extra Risk) has acquired eight retail properties from Canadian Tire for $137.3 million. Canadian Tire has subsequently leased all of the properties for an initial term of 15 years at current market rental rates. The acquisition includes one property in each of British Columbia, Ontario and Nova Scotia, plus three in Alberta and two in Quebec. CREIT focuses on acquiring properties in prime locations, usually near major metropolitan centres. That attracts strong tenants, maintains high occupancy rates and delivers a reliable stream of rental income. Canadian REIT is still a buy. buy…