SmartREIT Announces Name Change to SmartCentres
Oct. 20, 2017
Smart Real Estate Investment Trust (TSX:SRU.UN) announced today that it is changing its name to SmartCentres Real Estate Investment Trust and will be commonly referred to as SmartCentres. This change is a recognition of the high level of brand awareness of the SmartCentres name and its iconic penguin logo, well known with consumers, tenants and municipalities across the country. The TSX stock symbol will remain the same.
"The SmartCentres brand is a valuable asset," said SmartCentres CEO, Huw Thomas. "The SmartCentres development platform is a central part of the REIT and is well known in the marketplace and throughout municipalities across Canada. The change will be very smooth given the market refers to us by this name already," added Mr. Thomas.
SmartCentres is one of Canada's largest real estate investment trusts with total assets of approximately $9.3 billion. It owns and manages 34 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartCentres is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group. SmartCentres is now expanding the breadth of its portfolio to include residential (single-family, condominium and rental), retirement homes, office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres.
SmartCentres' core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed-use developments in urban settings. With the 2015 business combination of SmartCentres development platform and Calloway REIT, SmartCentres has transformed into a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction - all under one roof. For more information on SmartCentres, visit www.smartcentres.com.