NOT FOR DISTRIBUTION IN THE UNITED
STATES OR OVER UNITED
STATES WIRE SERVICES
QUÉBEC CITY, QC, Oct. 17, 2014
/CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) announces today the closing of the
previously announced acquisition of Centre Rockland for a purchase
price of $271,685,000, paid cash to
Ivanhoé Cambridge Inc. ("Ivanhoé Cambridge").
Centre Rockland is a 649,174
square foot enclosed shopping mall located in the Town of Mount-Royal, Québec. Centre
Rockland is occupied by 150
tenants and is 95.3% leased. The third party which benefited from a
right of first refusal on a sale of Centre Rockland waived its
right of first refusal. The 16 Ivanhoé Cambridge employees dedicated to Centre
Rockland have been transferred to Cominar.
Cominar financed the acquisition by drawing down on the
unsecured non-revolving bridge credit facility made available by
two Canadian chartered banks in connection with the September 30, 2014 acquisition of a portfolio of
retail properties from Ivanhoé Cambridge.
COMINAR PROFILE as at October 17,
2014
Cominar is the third largest diversified real estate investment
trust in Canada and remains the
largest commercial property owner in the Province of Québec.
Cominar currently owns a real estate portfolio of 541 properties in
three different market segments, that is, office properties, retail
properties and industrial and mixed-use properties. Cominar's
portfolio totals 45.2 million square feet spread out across Québec,
Ontario, the Atlantic Provinces
and Western Canada. Cominar's
objectives are to pay growing cash distributions to unitholders and
to maximize unitholder value through proactive management and the
expansion of its portfolio.
Forward-Looking Statements
This press release may contain forward-looking statements with
respect to Cominar and its operations, strategy, financial
performance and financial condition. These statements generally can
be identified by the use of forward-looking words such as "may",
"will", "expect", "estimate", "anticipate", "intend", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of Cominar discussed herein could
differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market factors, competition, changes
in government regulation and the factors described under "Risk
Factors" in the Annual Information Form of Cominar. The
cautionary statements qualify all forward-looking statements
attributable to Cominar and persons acting on its behalf. Unless
otherwise stated, all forward-looking statements speak only as of
the date of this press release.
SOURCE Cominar Real Estate Investment Trust