The GTA’s 4 Biggest Q2 Deals

Last quarter was the GTA's fifth-best ever for commercial real estate dollar volume—up 38% versus 2014—driven by a record number of transactions and increased activity in all sectors, RealNet Canada says. Here are four big Q2 deals.

1. Calloway REIT Snaps Up SmartCentres

Buyer: Calloway REIT

Seller: SmartCentres

Value: $216M

Properties: 16 open-format shopping centres in the GTA. Part of a $1.16B transaction that includes SmartCentres’ portfolio of 24 properties in Ontario and Quebec.

Significance: The biggest second-quarter deal in the GTA retail sector, which had year-over-year dollar volume gains of 44%, according to RealNet.

2. CPPIB Purchases High Park Apartments

Buyer: Canada Pension Plan Investment Board

Seller: Minto Properties

Value: $105M

Properties: CPPIB acquired a 60% ownership interest in Minto High Park Village, a three-tower rental property, its first direct investment in Canadian multifamily.

Significance: The largest transaction in a GTA apartment sector that witnessed a whopping 57% year-over-year increase in deal volume.

3. Crown Acquires Markham Office Portfolio

Buyer: Crown Realty Partners

Seller: B.C. Investment Management Corp

Value: $126.7M

Properties: A 465k SF office building portfolio comprising 575, 600 and 675 Cochrane Dr, aka Trillium Executive Centre, the only AAA office complex in Markham.

Significance: The biggest deal in the GTA office segment in Q2, which improved by 8% in dollar volume versus the same period last year, according to RealNet.

 4. Allied Expands King West Empire

Buyer: Allied Properties REIT

Seller: Private investor

Value: $100M

Properties: 511-539 King St W, three buildings that’ll be part of an extensive mixed-use redevelopment done in a JV with Westbank Corp.

Significance: The most notable high-density transaction in a quarter that saw future condo development land deals represent 43% of total land investments, or $420M.