CT REIT Takes Canada Square Stake
CT REIT has acquired a one-third leasehold stake in Canada Square, the three-tower, mixed-use commercial complex at Yonge Street and Eglinton Avenue that's housed Canadian Tire Corp's head office since the 1970s. CEO Ken Silver (pictured) tells us that when Canadian Tire created CT REIT last year, it opened up the opportunity to invest in the property. (Oxford Properties also took a one-third interest in the deal.) Other tenants in the complex include TTC, YMCA, UNICEF Canada, Cineplex Entertainment, and TVO.
Canada Square dates back to 1962, when the first tower was built (the others sprouted in 1972 and 1987). It has 844k SF of gross leasing area with a multiplex cinema, retail concourse, and 745-stall parkade. Ken says the property is performing well at the moment, but adds that CT REIT will be working with the complex's co-owners to explore redevelopment opportunities down the line. He wouldn't dish on how much CT REIT paid for the acquisition, citing confidentiality. The Canada Square deal was announced the same day CT REIT reported a Q2 net income of $45.7M.