Jean Coutu Anchored Portfolio

National Retail Investment Group
COMINAR
Jean Coutu Anchored Portfolio
KEY INVESTMENT HIGHLIGHTS
14 retail properties predominantly
anchored by Jean Coutu, located in
key retail nodes in large Québec urban
centres with one asset in Ontario.
This unique 347,698 square foot Portfolio
features a wide range of services such as
grocery (Sobeys), fitness centres (Énergie
Cardio), banks (Caisse Desjardins and
National Bank), quick-service-restaurants
(Subway and Burger King), and
neighbourhood-oriented services.
A rare and timely offering: The Jean
Coutu Portfolio is 94% leased with 82%
of the tenants (based on annual rental
income) represented by strong, national
and regional covenants.
Jean Coutu Anchored Portfolio
THE OFFERING
Jones Lang LaSalle Inc (the “Advisor”) has been retained by Cominar Real Estate Investment Trust (the “Vendor” or “Cominar”) on an exclusive basis
to arrange the sale of a 100% interest in 14 retail assets located throughout Québec, with one asset located in Timmins, Ontario (the “Properties”, the
“Portfolio” or the “Offering”). Cominar is one of the largest diversified REITs in the country and Québec’s largest landlord.
The Jean Coutu Anchored Portfolio consists of 14 retail assets totaling 347,698 square feet predominantly located in Québec, with one mixed use retail/
office building in Timmins, Ontario. This unique Offering is predominantly anchored by Jean Coutu, a national, publicly-traded covenant. Co-tenancy is
diversified, featuring a wide range of services, such as grocery stores (Sobeys), fitness centres (Énergie Cardio), banks (Caisse Desjardins, National Bank),
quick-service restaurants (Subway, MTY, Burger King), as well as well-established, neighbourhood-oriented services. The Portfolio’s top ten tenants
generate 66% of the annual rental income and feature an impressive weighted average lease term (“WALT”) of 8.0 years. Overall the Portfolio is 94% leased
and features a WALT of 6.5 years.
Each of the properties are located in mature retail nodes within fast-growing or well-established markets adjacent densely populated residential areas:
Based on the GLA, 47% of the assets are located in the Greater Montréal Area (“GMA”), 17% in Central Québec, 24% in the Saguenay–Lac-Saint-Jean
region, and 12% in other markets.
This collection of prime retail assets provides the opportunity to acquire a highly-diversified, well-located and defensive Portfolio with stable returns.
The Portfolio is being sold free and clear of debt.
Bid deadline: Thursday, October 15th, 2015 at 3pm.
INVESTMENT HIGHLIGHTS
Central Location in Strong Markets
• All properties are centrally located within their respective market’s principal retail node in well-established or fast-growing regions.
Excellent Income Security
• Currently 94% occupied
• Overall WALT: 6.5 years
• Minimal lease expiry exposure in the first four years.
• Tenants have been in operation for an average of 10.7 years.
Highly Diversified and Defensive Portfolio
• Each property contributes, on average, only 6% of the overall Portfolio’s NOI.
• The Offering benefits from minimal exposure to the fluctuations associated to high-risk retail sectors: Tenancy is mainly
comprised of “daily needs retail”, namely pharmacies, grocery stores, fitness centres, banks, and established, neighbourhoodoriented services, which make up 71% of the Portfolio’s GLA.
Strong Tenancy Profile
• The Portfolio’s top ten tenants generate 66% of the annual rental income and feature a WALT of 8.0 years.
• 82% of the annual rental income comes from national and regional tenants.
Jean Coutu Anchored Portfolio
PORTFOLIO SNAPSHOT
01
02
04
07
08
11
09
10
12
13
05
03
06
#
ADDRESS
CITY, PROVINCE
14
11
UNITS
GLA (SF) OCCUPANCY WALT MAJOR TENANTS
(OCCUPIED)
01 233-237 Saint-Jean-Baptiste Blvd.
Châteauguay, QC
9
02 3285 1 Avenue
Rawdon, QC
03 3900-3918 St-Charles Blvd.
Montréal, QC
04 2760-2794 Jacques-Cartier Blvd.
% OF
NOI
39,762
100.0%
3.8 Jean Coutu, CSSS
11.6%
6
24,027
100.0%
6.4 Jean Coutu
8.5%
7
20,548
88.3%
3.8 Jean Coutu
7.3%
Longueuil, QC
8
30,400
100.0%
4.3 Énergie Cardio
6.9%
05 947-955 du Séminaire Blvd. North
St-Jean-sur-Richelieu, QC
4
21,984
100.0%
7.9 Jean Coutu
6.3%
06 556-562 St-Charles-de-Borromée St. N.
Joliette, QC
2
18,304
100.0%
9.7 Jean Coutu
5.7%
07 155 25 Avenue
Saint-Eustache, QC
st
2
7,433
81.2%
4.0 Jiffy Lube
5.1%
08 353-357-359 and 379 des Bois-Francs Blvd. Victoriaville, QC
6
46,459
65.7%
5.9 Jean Coutu, CSSS
7.5%
09 230 des Bois-Francs Blvd. South
Victoriaville, QC
2
8,318
86.8%
5.9 Burger King, Subway
4.7%
10 1367-1371 Ste-Foy Road
Québec City, QC
3
5,491
100.0%
11
Jonquière, QC
6
66,191
100.0%
12 400 des Saguenéens Street
Saguenay, QC
6
18,769
100.0%
13 20 Sainte-Anne Blvd. West
Ste-Anne-des-Monts, QC
5
23,379
99.0%
14 11 Rea Street North
Timmins, ON
9
16,633
75
347,698
th
2600-2620 St-Hubert Street
TOTALS
2.3 Couche-Tard
10.7 Jean Coutu, Sobeys
1.9%
21.2%
4.7 Jean Coutu
5.5%
6.2 Jean Coutu, Dollarama
4.4%
100.0%
3.6 MPAC
3.6%
94.0%
6.5
100%
13
12
14
11
10
08
09
02 06
04
07
03
01
05
For more information, please contact:
JLL – Toronto
Matthew T. Smith
Senior Vice President
National Retail Investment Group
+1 416 304 6004
[email protected]
Hugh O’Connell
Senior Vice President
National Retail Investment Group
+1 416 304 6015
[email protected]
JLL – Montréal
Mark Sinnett
Executive Vice President
Real Estate Broker
National Retail Investment Group
+1 514 667 5696
[email protected]
National Retail Investment Group
DISCLAIMER
© 2015 Jones Lang LaSalle, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Jones Lang LaSalle Real Estate Services, Inc., Real Estate Agency