Third acquisition for the Fund in 2021, spanning three different provinces
November 16, 2021 (Vancouver, BC) – Concert’s CREC Commercial Fund LP (the “Fund”) is pleased to announce a valuable addition to the company’s portfolio with its largest industrial building acquisition in Calgary, one of Western Canada’s most important distribution hubs. This best-in-class, 1.2 million square foot distribution centre is located in a strategic area north of Calgary city limits and is fully leased on a long-term basis with Lowe’s Canada.
“We’re very excited to have secured a superb facility in an exceptional and increasingly important location”, says Brian McCauley, Concert’s President & Chief Executive Officer. “This is a coveted and key distribution hub for national and North American companies and the purchase captures a tenant in an active home improvement sector.”
Situated in the High Plains Industrial Park in Balzac, the newly constructed facility sits on a 69.6-acre site, with easy access to Calgary International Airport, CN’s Calgary Logistics Park and two key transportation corridors, Queen Elizabeth II Highway and Stoney Trail.
In recent years, Balzac has become a major distribution hub, as land constraints in Vancouver and the GTA push national and multinational industrial users to look elsewhere. The facility features 36’ clear heights, ample trailer and car parking and will serve as the primary Western Canadian distribution facility for Lowe’s Canada.
Headquartered in Boucherville, Quebec, Lowe’s Canada has been successfully operating in Canada since 2007 and is a wholly-owned subsidiary of Lowe’s Companies, Inc., which is publicly-traded on the New York Stock Exchange. The company is one of the largest home improvement retailers in the world.
“With this acquisition, we are continuing our focus on building our portfolio of commercial properties and growing in attractive regions in Western Canada,” says Andrew Tong, Managing Director of the CREC Commercial Fund LP. “Having a prominent organization like Lowe’s Canada choose this location, signals their trust in the current and future importance of the Calgary area as a key logistics hub.”
The Calgary acquisition caps a year of growth for the Fund, which to date has included buying the L’Oreal Distribution Centre in Quebec, and two office buildings near Toronto Pearson International Airport.
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About CREC Commercial Fund LP
Concert’s fully-subscribed CREC Commercial Fund LP is a diversified Canadian portfolio created in 2016. With ongoing plans to expand, this open-ended, limited partnership fund maximizes long-term value for investors by investing in, and actively managing, industrial and office real estate in Canada. The high-quality portfolio is managed by Concert Realty Services Ltd. and serves as Concert’s exclusive commercial platform. The Fund is supported by multiple Canadian pension funds and institutional investors. The Fund has an asset value in excess of $2.3 billion and over 11.5 million square feet of leasable area.
About Concert
Since 1989, Concert has proudly developed, acquired and managed Canadian real estate in pursuit of building a people-first future. With over $7 billion in assets, we are backed and owned by over 200,000 Canadians represented by union and management pension plans. We deliver rental apartments, condominiums, seniors' active aging communities, industrial and commercial properties, and public infrastructure projects, and in each business, our vision remains the same: building resilient, inclusive, sustainable communities.
Media Contacts
John Corry Director, Corporate Communications
JCorry@ConcertProperties.com Cell: 604-812-1370
Krystal Carter, tartanbond
Krystal.Carter@tartanbond.com Cell: 647-271-2274