Canadian real estate investor Crown Realty Partners has acquired a 1.2m sqft office community on behalf of two of its value-add funds.
Crown Realty said it has acquired the 50-acre property in Ontario comprising five office buildings and a retail bank branch on behalf of the Crown Realty IV and Crown Realty V funds.
Crown Realty did not disclose any financial information but said the deal is the largest acquisition in the company鈥檚 20-year history.
The asset is located along Mississauga鈥檚 Hurontario corridor in the Heartland Business Community.
Scott Watson, acquisitions and leasing managing partner at Crown Realty Partners, said the firm鈥檚 repositioning plan for the acquired asset is geared towards elevating the workplace experience for tenants and attracting top businesses and talent.
鈥淲e are focused on being the office manager of choice for the workplaces of the future.
鈥淭his is Crown鈥檚 strategic advantage and the value we bring to our tenants and our investors,鈥� Watson said.
Emily Hanna, a managing partner of investments at Crown Realty Partners, said: 鈥淭his portfolio aligns with our strategy of acquiring and investing in properties to increase their long-term value and resiliency.
鈥淚mproving and building upon the environmental, social and governance credentials of these buildings will be key for their future value.鈥�
Hanna said the team has already identified upgrades that could result in 20% energy savings and emission reductions.鈥�
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