Crombie REIT is 41.5% owned by Empire Co. Ltd., the owner of Sobeys and Safeway supermarkets. Major new developments include the reopening of Avalon Mall in St John’s, Newfoundland and Davie Street in Vancouver. Similar to Choice Properties, Crombie is moving into residential development with 2,027 units in Davie Street and two new developments in Montreal (Le Duke) and Oakville (Bronte village). It is developing its third customer fulfilment centre (CFC) for Empire’s Voilà ecommerce delivery rollout in Calgary following earlier rollouts in Toronto and Montreal.
Income Investor
With the unit price up 8% since the last review in February and 14% since being recommended a dozen years ago, and investors having received annual distributions equivalent to a 5% yield, Crombie has delivered on the original investment proposition of moderate capital growth and a tax-efficient yield above the rate of inflation. Sell now. - Gavin Graham
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CRR.UN was first recommended here on July 25, 2013