Counsel Corporation, a private equity investor and alternative asset manager, completed the sale of a real estate portfolio to Retrocom Mid-Market Real Estate Investment Trust for $140 million according to a Canadian Business article. The portfolio includes 7 commercial retail properties with over 800,000 square feet in Ontario and New Brunswick. Retrocom, which has hired Counsel to manage the properties, assumed the $60.3 million of mortgage debt on the properties.
Allan Silber, Chairman & CEO of Counsel said, "The sale of the Portfolio is consistent with our mandate to acquire, redevelop and improve quality real estate product for the investor marketplace. Since 2006 we have been acquiring and adding value to a select set of real estate assets that meet our investment criteria, for our account and on behalf of our partners." Mr. Silber continued, "We believe we have created significant value in the Portfolio by executing on our proactive asset management strategy and that current market conditions provide an opportune time to realize on this value creation. Counsel will continue to seek out new and compelling opportunities to build on our successful real estate track record."
For more news and information visit Blumberg Capital Partners.
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