A Maritime real estate investment trust has sold eight Alberta properties for $12.15 million.
Plaza Retail REIT announced today (July 3) it has sold its single-tenant portfolio of properties located in Calgary, Airdrie and Sherwood Park. The portfolio totals 18,275-square-feet and has a capitalization rate of 5.3 per cent.
"The sale of these assets is another example of Plaza extracting value," said Michael Zakuta, president and CEO of Plaza. "We have worked to stabilize these assets and maximize value, and with this sale we can redeploy this capital into our healthy pipeline of other value-add opportunities."
Plaza acquired the eight properties when it purchased KeyREIT in 2013.
Plaza is a retail property owner and developer based in New Brunswick, with offices in Ontario and Quebec. Their complete portfolio as of March 2018 includes interest in 297 properties totaling 8.1-million square feet.