The Toronto Stock Exchange (TSX) and Toronto Venture Exchange (TSXV) celebrated the 25th anniversary of Canadian real estate investment trusts (REITs) by hosting members of REALPAC, Canada’s real estate industry association, for a market open ceremony Wednesday.
“Over the last 25 years, TSX-listed REITs have proven to be a successful and attractive vehicle for investors looking to gain exposure to the Canadian real estate sector,” Loui Anastasopoulos, pesident, capital formation, TMX Group Ltd., says in a statement. “Today, we salute that proud history together with our partners in the industry and affirm our commitment to supporting the continued growth of the real estate sector on our equity markets into the future.”
More than 80 real estate companies have completed an initial public offering on TSX and TSXV since 1993, starting with Canadian Real Estate Investment Trust (CREIT) and RealFund (which has since merged with RioCan). The market capitalization of the overall real estate sector is $103 billion, up nearly 350% over the past 10 years.
“Out of the depths of the early 1990s recession, Canadian REITs have emerged as the preferred way for many investors to participate in commercial real estate,” says Michael Brooks, REALPAC CEO, in a statement. “The leaders of these REITs deserve great credit for continuously expanding their investment base and evolving to meet changing investor needs.”