TORONTO, ONTARIO--(Marketwire - Dec. 21, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE
Retrocom Mid-Market Real Estate Investment Trust (the "REIT" or "Retrocom") (TSX:RMM.UN) announced today that it has completed the acquisition of three investment properties from Calloway REIT totalling approximately 250,000 square feet, as previously announced on October 18, 2012. The purchase price was funded by new mortgages placed on the acquired properties and cash on hand. Retrocom obtained separate 10 year mortgage loans totaling $37.45 million secured by each of the three properties at a weighted average interest rate of 4.16%. The portfolio is 100% leased. This well located portfolio further complements and enhances Retrocom's portfolio of assets.
|Property Location||Rentable Area Square Feet||Major Tenants|
|Toronto, On||95,297||Staples, Royal Bank (Home Depot - shadow anchor)|
|Burlington, On||134,225||Future Shop, Staples (Home Depot - shadow anchor)|
|Renfrew, On||17,471||LCBO, Marks (Walmart - shadow anchor)|
About Retrocom REIT
Retrocom REIT is an unincorporated, open-end real estate investment trust which focuses on owning and acquiring retail properties across Canada with the goal of enhancing long-term unitholder value.
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT regarding, among other things, the use of the net proceeds from the Offering, the closing of the Offering, and the closing of the Acquisition. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
- Investment & Company Information
- Real Estate Investment Trust
Chief Executive Officer