Closing dates range from early December through March 2020. The properties are: The Apex at Acre 21 in Regina Grand Central Manor II and III, Oliver Place, Riverside Towers and The Mayfair on Jasper in Edmonton and Hockley Corners in Langford just outside Victoria. “The stuff we’re doing in Western Canada not only is it hitting our dollar metrics, but we’re finding it easier to find, source and complete deals out there without having to pay through the nose to do it.” “Part of it is certainly driven by the desire to have a diversified portfolio but the other is just the opportunity set. “We’ve been pretty active in B.C., Alberta particularly this year, and Saskatchewan and Manitoba have gotten a lot of our attention in the past couple of years. We’ve been pursuing a strategy for years of diversifying, not being just an Ontario-based shop, doing deals in Western Canada,” Romundt told RENX in an interview. “We’ve seen lots of opportunity in the new construction space in Western Canada, and in general.
Three of the properties are new builds, while three of the Edmonton acquisitions are established properties. The properties total just over 1,300 apartment units and bring Centurion’s total assets under management to about $2.9 billion. (Don Wilcox, RENX)Ĭenturion Apartment REIT is both following the opportunities and continuing to diversify its portfolio with the purchase of six apartment properties in three Western Canadian cities, president and CEO Greg Romundt says.Ĭenturion is making the purchases in four transactions in Regina, Edmonton and Victoria. The Mayfair on Jasper is one of six Western Canadian apartment properties being purchased by Centurion Apartment REIT.
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