While our name has changed in the 50+ years we've been operating, our commitment to our clients, our investors, and our team has never wavered. Here's a look at how Crombie REIT came to be.
Atlantic Shopping Centres Limited is incorporated on February 4, 1964, and is established as a subsidiary of Sobeys Stores Limited to acquire, develop, and manage shopping centres in which Sobeys would be a major tenant.
As a result of a corporate reorganization in 1976, Empire Company Limited acquires 96.3% of the voting shares of Atlantic Shopping Centres Limited. Our portfolio includes five shopping centres, two office buildings, and a 50% interest in a shopping centre in Halifax.
The first project following Empire's acquisition is a major expansion of Avalon Mall in Newfoundland.
Interests in Newfoundland begin to expand with plans to construct new malls in Clarenville, Mount Pearl, and Corner Brook. Additionally, holdings in Nova Scotia and New Brunswick also increase with acquisitions in Halifax in 1978, Windsor in 1979, and substantial expansions and renovations to Highfield Square, Aberdeen Mall, Downsview Mall, and Sydney Shopping Centre.
Atlantic Shopping Centres Limited purchases Halifax Developments Limited and a 50% interest in Bridgewater Mall and East Side Plaza.
Atlantic Shopping Centres Limited changes it names to Crombie REIT and completes its initial public offering. Forty-four commercial properties totaling approximately 7,161,000 sqft are acquired from affiliates of Empire Company Limited.
In April 2008, Crombie REIT buys 61 properties for $428.5 million from affiliates of Empire Co.
In just under four years since its IPO, Crombie grows by 58% in gross leasable area to solidify its position as a mid-market capitalized REIT.
The landmark $991.3 million acquisition of 70 Safeway-anchored properties in Western Canada signals a turning point in Crombie's evolution into a truly national REIT.
Crombie continues to regionally diversify its holdings as it acquires $154 million in retail properties, mainly grocery and drug store anchored plazas and freestanding stores.
Crombie earns both Atlantic Canada’s and Nova Scotia’s Top Employer awards for the first time. Crombie's CIBC Building wins TOBY Award for Office Building from BOMA Canada.
$574 million of acquisitions makes Crombie more urban-focused and geographically diversified than ever before.
A number of environmental sustainability projects begun in 2008 were completed, bringing the total KwH/annum saved to nearly 17 million kWh.