TORONTO, ONTARIO--(Marketwired - Dec. 13, 2016) - Smart Real Estate Investment Trust (TSX:SRU.UN) announced today that it has entered into a letter of intent for a 50/50 joint-venture with Jadco Corporation, a Montreal area based residential developer, to build two 15-storey towers on a portion of SmartREIT's shopping centre lands at the corner of boul. St-Martin and boul. Daniel-Johnson in Laval. The two towers will contain a total of 330 units connected to a common podium structure that will contain streetfront retail units as well as service and leisure amenities for the residents. Total investment will exceed $75 million and, subject to normal approvals, construction will begin in spring 2017 with occupancy of the first tower in summer 2018.
Under Jadco's "Équinoxe Collection" banner, these upscale rental residences will offer superior tenant amenities, with underground parking, spacious floor layouts, designer interiors and quality materials in a vibrant, urban setting where entertainment, commercial and residential addresses come together.
This follows SmartREIT's announcement last week concerning its first high-rise residential development in the Vaughan Metropolitan Centre and is part of SmartREIT's overall strategic plan to maximize the value of its major-market urban centres by introducing mixed-use development that builds on superior access to public transit and the regional highway network.
"Jadco is proud to partner with SmartREIT in the development of this Équinoxe project which is ideally located in a vibrant, well established community with excellent access to public transit, retail and civic amenities," said André Doudak, President of Jadco Corporation.
"We are very pleased to continue our urban development program with this high quality project in a strong rental market," noted Huw Thomas, Chief Executive Officer of SmartREIT. "With mixed-use developments such as SmartCentres Place at the Vaughan Metropolitan Centre, StudioCentre, Westside Mall and Highway 7 and Highway 400, all in the Greater Toronto area and now this project in the Montreal area, we are building an extensive pipeline of mixed-use projects to provide long term value for our unitholders," added Thomas.
SmartREIT is one of Canada's largest real estate investment trusts with total assets in excess of $8.6 billion. It owns and manages in excess of 31 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, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT's core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings.
With SmartREIT's 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartREIT, visit www.smartreit.com.
About Jadco Corporation
Jadco Corporation is a well reputed family-owned business which has gained a strong foothold in the real estate sector in the Greater Montreal Area. Jadco's strengths lie in its commitment to excellence in building exceptional living and mixed-used environments. Its diversified portfolio is comprised of luxury residential, upscale rental and mixed-used projects such as Paton1, Quintessence and Équinoxe. For more information on Jadco, visit www.jadcoresidences.com.
Certain statements in this Press Release are "forward-looking statements" that reflect SmartREIT's and Jadco's expectations regarding future growth and business prospects. More specifically, certain statements in this Press Release including statements related to the development of this project and statements that contain words such as "expect", "will", and similar expressions and statements relating to matters that are not historical facts and constitute "forward-looking statements". Such forward-looking statements reflect SmartREIT's and Jadco's current beliefs and are based on information currently available to SmartREIT and Jadco. However, such forward-looking statements involve risks and uncertainties and a number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what SmartREIT and Jadco believe to be reasonable assumptions, SmartREIT cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and SmartREIT assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.