STELLARTON, Nova Scotia — Crombie Real Estate Investment Trust said last week it had agreed to purchase a portfolio of 11 Canadian retail properties anchored by Sobeys stores from Sobeys parent Empire Cos. Ltd. for about $100 million (U.S.).
The portfolio includes eight properties in Western Canada, two in Ontario and one in Atlantic Canada. Crombie also said it would raise approximately half of the purchase price for the transaction by selling selling 2.6 million units of its stock to a group of banks, and 1.8 million shares to Empire.