Founded in 1989, SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 168 strategically located properties in communities across the country. SmartCentres has $10.3 billion in assets and owns 34.0 million square feet of income-producing value-oriented retail space with 97.3% occupancy, on 3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing retail properties. Project 512, a publicly announced $13.5 billion intensification program ($7.9 billion at SmartCentres’ share), represents the REIT’s current major development focus. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner; and retail, office, and storage facilities, to be developed under the SmartCentres banner.
Project 512 will produce an additional 55.4 million square feet of space; 27.7 million square feet of which has or will commence construction within the next five years.