Calloway has completed the purchase of the SmartCentres platform, acquired from Mitchell Goldhar as part of a $1.16 billion transaction.

Calloway previously announced it would buy a portfolio of 24 properties situated mainly in Ontario and Quebec, along with 20 open format shopping centres with Walmart Supercentre as anchor tenant.

Non-related party unit holders approved the transaction, which will add 3.6 million square feet of leased retail area to Calloway’s current 27.3 million square feet.

“I am delighted by the exceptional support we have received from unit holders,” said Huw Thomas, president and chief executive officer of Calloway. “Our significantly enhanced portfolio of assets coupled with the internalization of capabilities from the acquisition of the platform will help position us for the long-term.”

As a result of the acquisition, Calloway will integrate all aspects of real estate development, leasing and operations into one business.

Soon to be known as SmartREIT, Calloway expects to build upon the 20 year relationship between Walmart Canada and SmartCentres.

Opportunities for growth include potential retail development of about 1.9 million square feet of gross leasable area and possible greenfield projects and site intensification.