A Crestpoint Real Estate Investments fund has acquired a portfolio of two office buildings and 22 retail properties comprising approximately 1.35 million square feet of leasable space.

Crestpoint has not released financial details of the transaction, nor has it released the vendor, however, the office assets it has acquired were put onto the market in 2025 by H&R REIT (HR-UN-T). The REIT was also actively marketing a large portfolio of retail properties.

H&R REIT announced the pending sales of $1.5 billion of its assets in November. It has been selling properties to reduce debt and strengthen its financial position.

The portfolio acquired by Crestpoint involves approximately one million square feet of retail space and 350,000 square feet of office space. The properties are located in three Canadian provinces, Manitoba, Quebec and Ontario.

Crestpoint is acquiring a 100 per cent interest in the portfolio on behalf of the Crestpoint Opportunistic Real Estate Strategy (its closed-end fund). 

RENX has contacted Crestpoint for further comment. We will update this article with additional information if it becomes available.

Portfolio details

The largest of the two office buildings is the class-A 145 Wellington St. W., located in Toronto's financial core. Crestpoint’s announcement states the building is tenanted by “a diversified mix of federal government, non-profit, engineering and insurance occupiers, among others, providing exposure to both public-sector and high-quality private-sector tenants.” 

Current rents are below market levels, offering potential for growth on renewals. 

The second office asset is located in Markham, just north of Toronto. The fully occupied 75,000‑square‑foot, single‑tenant building is on a 3.5‑acre site near Warden Avenue, Highway 407 and nearby commercial amenities.

The retail portfolio comprises 15 single-tenant sites and seven grocery and/or pharmacy‑anchored centres. There are properties in each of the three provinces, providing geographic diversification and exposure to some of Canada's most resilient retail markets. 

The portfolio is 100 per cent leased and anchored by essential‑service retailers in grocery, pharmacy and home improvement, including nationally recognized tenants such as Shoppers Drug Mart, Sobeys, Walmart, Metro and RONA. 

This represents the fourth acquisition for the Crestpoint Opportunistic Real Estate Strategy, which closed on Dec. 19 and now has over 70 per cent of its committed equity deployed.

Crestpoint's venture to buy Minto Apartment REIT

It is also the second major announcement from Crestpoint in the past two weeks.

Crestpoint is partnered with Minto Group in a 50-50 venture to take Minto Apartment REIT private. The transaction values Minto Apartment REIT’s 28-property portfolio – in addition to several development properties – at approximately $2.5 billion.

At that time, Crestpoint president and CEO Kevin Leon told RENX in an interview the firm was ready to move back into the office sector. It had not acquired office properties for the past several years.

“I can't necessarily say all office has hit the bottom and is going up, but we think that for a number of well-located assets – especially if you're in a situation where you have the capital to keep up on the cap ex side and tenant improvement side – there's a good future in the office market,” Leon told RENX.

Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager providing investors with direct access to a diversified portfolio of assets. 

Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London and Gurugram, India, Connor, Clark & Lunn Financial Group and its affiliates manage over $179 billion in assets.