02:16 PM EDT, 10/17/2024 (MT Newswires) -- Crombie Real Estate Investment Trust (CRR-UN.TO) on Thursday said it completed the acquisition of the remaining 50% of Zephyr residential in Vancouver from its partner, for $133 million.

Crombie said with the purchase of the stake it now owns the entire residential component, in addition to its ownership of the ground floor grocery-anchored retail.

Crombie will now consolidate Zephyr and assume the additional 50% of mortgages, equivalent to $89 million. The balance of the purchase price will be funded by drawing on a new unsecured bank credit facility.

Built in 2021, Zephyr is a mixed-use residential asset anchored by Safeway and includes other complementary necessity-based retailers. Zephyr is comprised of two residential towers, totalling 330 rental suites, and was 93.9% occupied at June 30, 2024.

Crombie REIT units were last seen down $0.15 to $15.49 on the Toronto Stock Exchange.

Price: 15.49, Change: -0.15, Percent Change: -0.96