SmartCentres
 |
|
| Public | |
| Traded as | : SRU.UN S&P/TSX Composite Component |
| Industry | Real estate |
| Founded | 1994 |
| Founder | Mitchell Goldhar |
| Headquarters | Vaughan, Ontario, Canada |
|
Key people
|
Mitchell Goldhar (Chair of the Board) Huw Thomas (Chief executive officer) Peter Forde (President) |
| Revenue | $728 million CAD (2016) |
|
Number of employees
|
300 (2016) |
| Website | http://www.smartcentres.com |
SmartCentres Real Estate Investment Trust is a Canadian real estate investment trust, based in Vaughan, Ontario. It specializes in retail real estate, especially power centres. Almost all of its malls have Walmart as a tenant; it is Walmart's primary landlord in Canada. SmartCentre's logo features a family of penguins with shopping bags.
It is listed on the (symbol SRU.UN), with a market capitalization of about $4 billion as of January 2018.
SmartCentres was founded in 1994 by Mitchell Goldar, as FirstPro Shopping Centres. It was renamed SmartCentres Inc. in 2006. In 2015, it was taken over by Calloway REIT, which then renamed itself SmartREIT. It changed its name to SmartCentres REIT in 2017.
As of 2011, SmartCentres had opened a new mall once every 3 weeks for its history. As of 2015, it had developed 50 million square feet of space.
In 2003, SmartCentres (then FirstPro) began to sell some of its malls to Calloway REIT, then a small REIT based in Calgary, to raise additional funds for construction. Its first transaction was the sale of nine malls for $100 million in November 2003. In 2004, 12 malls were sold for $300 million. In 2005, it sold 35 malls for $1.1 billion. This transaction doubled the size of Calloway, and led to Goldar greatly increasing his control and equity stake in Calloway. In 2006, SmartCentres sold 16 properties, worth $1 billion, to Calloway. In 2008, it sold 6 malls for $375 million.
In 2015, SmartCentres was formally taken over by Calloway REIT for $1.1 billion. As a result of the deal, Calloway acquired 24 properties.
SmartCentres has been involved in a number of controversial developments, often because of its close association with Walmart. In the late 2000s, there was considerable opposition to a SmartCentres plan to build a power centre in eastern Toronto. The plan was eventually turned down by the Ontario Municipal Board. In 2009, its shopping mall in Salmon Arm, British Columbia was delayed because of environmental concerns. The mall was eventually built in 2013.
SmartCentres properties are generally suburban power centres, with Walmart as a lead tenant. As of 2016, 72% of SmartCentres properties were anchored by Walmart, with Walmart responsible for 26% of rent and 42% of area. However, in recent years, SmartCentres has been diversifying into more urban and mixed-use properties. For instance, SmartCentres is one of the main developers of the Vaughan Metropolitan Centre, a planned central business district for Vaughan, Ontario. SmartCentres is also the main developer of StudioCentre, a mixed-use development in the Leslieville neighbourhood of Toronto. SmartCentres has also considered converting some of its properties into warehouse space.
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Wikipedia