The Retrocom REIT (TSX:RMM.UN) is preparing to buy nine Canadian investment properties, most anchored by Walmart stores, for a total of $179 million in two separate deals announced Wednesday.
Seven of the properties will be acquired for $111 million from Calloway Real Estate Investment Trust (TSX:CWT.UN). Another two will be purchased for $68 million in a deal with Wal-Mart Canada Realty and SmartCentres Realty Inc.
Three of the Calloway properties are in Ontario (Rockland, Napanee and Kapuskasing), two in Nova Scotia (Truro and New Minas) and one each in Magog, Que., and Gander, NL. The two properties in the smaller deal are in Orillia and Simcoe, Ont.
Once the transactions are complete, Walmart stores will account for 18 per cent of the real estate investment trust's total revenue, up from 10 per cent, Retrocom said.
Other tenants include national chains such as Canadian Tire (TSX:CTC.A), Dollarama (TSX:DOL) and The Source.
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