NADG "has produced an outstanding retail project with a dominantmarket position," CREIT President Stephen Johnson said in a releaseannouncing the pact. Having also bought into NADG's Carrefour de leRive-Sud Shopping Center in Quebec, CREIT has a history with thefirm, and Johnson says his company is "delighted to expand ourpartnership with (NADG) by acquiring an interest in another superbshopping center."

CREIT is paying $135 million for its investment, and this weekdelivered $75 million of that tab. The remaining funds are expectedto be issued in the near term, company officials stated. CREIT didnot assume any debt on the acquisition, but $115 million of newdebt financing was raised earlier this year on other properties toprovide funds for anticipated 2007 acquisitions, includingDartmouth Crossing. The center is part of the Halifax RegionalMunicipality, an area where CREIT already has substantial holdings."The new acquisition complements and strengthens CREIT's positionin the Halifax region," says Johnson, whose entity owns 140industrial, office and retail properties throughout thecountry.

Declaring Dartmouth Crossing as "one of Canada's best retailassets," Johnson notes the project has already attracted animpressive roster of tenants. Among the well known names in placeare Best Buy, Golf Town, Linens 'n Things and Staples, whileDartmouth Crossing also offers a variety of dining andentertainment options. The park features several retailer-ownedanchors such as Costco, Empire Theaters, Home Depot and Wal-Mart.The retail-owned portion encompasses about 650,000 sf of thecomplex, with CREIT buying into the remaining piece of thecenter.

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