Homburg Canada Real Estate Investment Trust (HCR_u.TO) bought two shopping malls in Montreal this week as it continued to expand its holdings in Canada's second-largest city, where demand is rising due to a lack of new commercial development. Homburg, which raised about C$250 million ($255 million) in an initial public offering in May and a subsequent financing in October, spent C$96 million on the properties. The company is based in Montreal, in the French-speaking province of Quebec, which can be a tough market for outsiders. About 70 percent of its holdings are in the Montreal area.
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