Development

Crombie’s $100-Million Raise Will Help Fund Pivot Into Residential Real Estate

HALIFAX — New Glasgow’s Crombie REIT recently raised $100-million by selling off stock to a syndicate of underwriters co-led by Scotiabank and BMO Capital Markets, as well as its long-time partner Empire Company.

Glenn Hynes, Crombie’s chief operating officer, says the company issued the offering to leverage its strong stock price and raise some capital.

The money, he said, “will facilitate a lot of the priorities that we have for spending over the next 12 months, and that will really help us to keep moving forward with our growth plans.”

Hynes says those growth plans will be to continue Crombie’s strategy of expanding its portfolio beyond its traditional grocery-anchored real estate holdings… [Read More]