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Crombie REIT Buys Portfolio of Sobey’s Stores

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.).

Jon Springer, Executive Editor

July 9, 2010

1 Min Read
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JON SPRINGER

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.

About the Author

Jon Springer

Executive Editor

Jon Springer is executive editor of Winsight Grocery Business with responsibility for leading its digital news team. Jon has more than 20 years of experience covering consumer business and retail in New York, including more than 14 years at the Retail/Financial desk at Supermarket News. His previous experience includes covering consumer markets for KPMG’s Insiders; the U.S. beverage industry for Beverage Spectrum; and he was a Senior Editor covering commercial real estate and retail for the International Council of Shopping Centers. Jon began his career as a sports reporter and features editor for the Cecil Whig, a daily newspaper in Elkton, Md. Jon is also the author of two books on baseball. He has a Bachelor of Arts degree in English-Journalism from the University of Delaware. He lives in Brooklyn, N.Y. with his family.

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