Aird Assists Canadian Trust In $57M Property Buy

Law360, New York (October 21, 2011, 7:26 PM EDT) -- Canadian Real Estate Investment Trust spent CA$57.5 million (US$57.1 million) to acquire a portfolio of industrial properties in the greater Toronto area, the trust said Friday.

The investment trust agreed to pay CA$76 million for the properties in Mississauga, Ontario, and then negotiated with an unnamed third party to buy four of the units in the portfolio for CA$18.5 million, the trust said in a statement. CREIT said it already owns 1 million square feet of industrial space in the area, which is an established industrial zone.

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