Taurus makes eighth Canadian retail acquisition

The Boston-based real estate investment firm is continuing its 'long term interest' in Canada with the C$44m purchase of Cookstown Outlet Mall in Ontario.

Taurus Investment Holdings has acquired the 160,000-square-foot Cookstown Outlet Mall in Ontario, Canada for C$44 million ($43 million; €27 million). The latest acquisition, made through affiliate Taurus Canada Investments, brings Taurus’ property portfolio in Canada to nine—eight in the retail sector and one office acquisition.

“The economy up there has been far more stable than the US has been over the last fifteen years, and the growth has been slow and steady as you go,” Taurus president and chief executive officer Peter Merrigan told PERE.

The firm, which has been in Canada since 2000 and has an office in Toronto, is targeting the retail and office sectors in the country.

Cookstown Outlet Mall, Taurus’ latest retail project in Canada, comprises an enclosed shopping center as well as 125 acres of undeveloped space. Last December, the Boston-based firm acquired the nine-story 111 Peter Street office building in Toronto’s Theatre District for approximately $40 million.

“We like the Canadian market,” said Merrigan. “We maintain a long term interest in it.”