Toronto, Ontario (September 12, 2019) – SmartCentres Real Estate Investment Trust ("SmartCentres") (TSX:SRU.UN), one of Canada's largest real estate investment trusts and Greenwin Inc. ("Greenwin"), one of Canada's largest privately owned manager and owner of residential properties, announced today that they have entered into a 50/50 joint venture to develop a 7.8 acre lakefront property in the City of Barrie. The project is contemplated to be a multiphase rental apartment community.
"We are very excited about partnering with Greenwin on this project in the thriving and growing City of Barrie. With direct access to the waterfront and close proximity to the GO station, we are confident that this residential development will be complementary to the City's vision for its waterfront and provide additional rental housing in Barrie," said Mitchell Goldhar, Executive Chairman of SmartCentres. "It furthers our strategy to focus on revenue growth in sectors such as residential, seniors, office and self-storage," added Mr. Goldhar.
"We are very pleased to enter into this partnership with SmartCentres to create a landmark residential development in the City of Barrie," said Kevin Green, President of Greenwin. "This development, comprising of over 2,000 residential units will add significantly to our development pipeline of over 5,000 new purpose-built rental units."
SmartCentres is one of Canada's largest real estate investment trusts with total assets of approximately $9.7 billion. It owns and manages 34 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartCentres is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group.
SmartCentres continues to grow its portfolio to include residential (single-family, condominium, rental) retirement homes, office, and self-storage with an additional $12.1 billion ($5.5 billion at SmartCentres' share) in expected developments to commence over the next five years. This growth will occur on its large urban properties such as SmartCentres Place at the Vaughan Metropolitan Centre or as an adjunct to its well-located existing shopping centres. For more information, visit www.smartcentres.com.
About Greenwin Inc.
Greenwin is one of Canada's largest privately owned, full-service property management and development firms. Headquartered in Toronto, Greenwin is known as a leader in multi-family housing, non-profit and affordable housing, social housing and commercial properties. Greenwin manages more than $3.3 billion in real estate assets, consisting of 16,000 residential units and 1 million square feet of commercial space. For more information, visit Greenwin's website at www.greenwin.ca.