While our name has changed in the 50+ years we've been operating, our commitment to our clients, our investors, and our team has never wavered. Here's a look at how Crombie REIT came to be.
1964
Atlantic Shopping Centres Limited is incorporated on February 4, 1964, and is established as a subsidiary of Sobeys Stores Limited to acquire, develop, and manage shopping centres in which Sobeys would be a major tenant.
1976
As a result of a corporate reorganization in 1976, Empire Company Limited acquires 96.3% of the voting shares of Atlantic Shopping Centres Limited. Our portfolio includes five shopping centres, two office buildings, and a 50% interest in a shopping centre in Halifax.
1976-78
The first project following Empire's acquisition is a major expansion of Avalon Mall in Newfoundland.
1978-79
Interests in Newfoundland begin to expand with plans to construct new malls in Clarenville, Mount Pearl, and Corner Brook. Additionally, holdings in Nova Scotia and New Brunswick also increase with acquisitions in Halifax in 1978, Windsor in 1979, and substantial expansions and renovations to Highfield Square, Aberdeen Mall, Downsview Mall, and Sydney Shopping Centre.
1985-87
Despite high interest rates and the economic pressures of the recession, Atlantic Shopping Centres Limited begins a period of accelerated growth during the 1980s. In addition to a renovation at West End Mall, 11 shopping centres are added to our portfolio.
1994
Atlantic Shopping Centres Limited purchases Halifax Developments Limited and a 50% interest in Bridgewater Mall and East Side Plaza.
2006
Atlantic Shopping Centres Limited changes it names to Crombie REIT and completes its initial public offering. Forty-four commercial properties totaling approximately 7,161,000 sqft are acquired from affiliates of Empire Company Limited.
2008
In April 2008, Crombie REIT buys 61 properties for $428.5 million from affiliates of Empire Co.
2010
In just under four years since its IPO, Crombie grows by 58% in gross leasable area to solidify its position as a mid-market capitalized REIT.
2012
Crombie completes $394 million of acquisitions and ends the year with 170 properties worth more than $2.4 billion.
2013
The landmark $991.3 million acquisition of 70 Safeway-anchored properties in Western Canada signals a turning point in Crombie's evolution into a truly national REIT.
2014
Crombie continues to regionally diversify its holdings as it acquires $154 million in retail properties, mainly grocery and drug store anchored plazas and freestanding stores.
2015
Crombie earns both Atlantic Canada’s and Nova Scotia’s Top Employer awards for the first time. Crombie's CIBC Building wins TOBY Award for Office Building from BOMA Canada.
2016
$574 million of acquisitions makes Crombie more urban-focused and geographically diversified than ever before.
A number of environmental sustainability projects begun in 2008 were completed, bringing the total KwH/annum saved to nearly 17 million kWh.
2017
Our $4.8 billion property portfolio consists of 287 commercial assets from coast to coast and a growing development pipeline in Canada’s fastest growing metropolitan areas.