Abacus buys $47 million Ottawa portfolio

Abacus Real Estate Investments Ltd. said an affiliated partnership today purchased a mixed-use real estate portfolio for $46,650,000.

The portfolio consists of nine buildings throughout the Ottawa region, comprising a total of 287,000 square feet. The assets include a Class A high-rise office tower in the central business district, several single and multi-tenant retail locations with tenants such as Loeb and McDonald’s and a historic building, as well as industrial properties.

The partnership received first mortgage financing from GMAC Commercial Mortgage of Canada to facilitate the acquisition and was advised by Gardiner Roberts LLP on the legal aspects of the transaction.

Abacus Real Estate Investments has been retained by the partnership to provide asset management and development services for the assets.

“This transaction is another key step in building a diversified real estate portfolio of properties across Canada,” said John Weiler, Chief Operating Officer of Abacus Real Estate Investments. “The quality and diversity of assets and the scale of this acquisition were appealing to us. We are also excited to have a significant investment in Ottawa, an important market in Canada.”