ReDev Canadian shopping malls continue to deliver for passive income investors
TORONTO, Dec. 9, 2015
ReDev Properties Ltd. is set to ring in the New Year on a high, with hints to greater attention to what the company believes is an enticing market for investors West of Ontario.
Despite market fluctuations, including the downward pressure on Canadian oil prices and the contraction in the energy sector, the company's strong performance indicates long-term growth for ReDev Properties with several successful transactions this year.
The commercial real estate asset manager sold three commercial retail properties in Alberta:
- The Belmont Town Centre, Edmonton
- Castleridge II, Calgary
- Leduc Town Square, Leduc
"Despite market challenges we signed two significant leases and built a profitable portfolio with positive results from an asset management perspective," said Richard Crenian, President of ReDev Properties.
"There's still growth in Alberta for stabilized and well-managed assets and we will continue to seek those opportunities."
ReDev Properties also hit a home run this year, signing two leases with Dollarama in Edmonton and St. Albert respectively. Lease renewals with national tenants such as Cora Restaurant and Canadian Imperial Bank of Canada were also maintained. It also expects to complete the construction of its fourth building in Edmonton by the month.
Looking toward to 2016, the company anticipates another busy year ahead with significant purchasing opportunities, specifically in the development sector and the sale of an additional three properties. It will also continue to manage the reconstruction of Kensington Crossing, a shopping plaza located in Edmonton.
Since the start of the plaza's redevelopment, ReDev has attracted substantial interest in the plaza. Acquisition of new commercial development lands and strip centres will also be part of the company's focus in the New Year in conjunction with a significant investment of new value-add pads to many of its existing assets.