Press release from Marketwire
Retrocom Mid-Market REIT Announces Closing of $41.6 Million Four-Property Portfolio Acquisition and Announces Refinancing of Lancaster Mall
Monday, May 09, 2011
TORONTO, ONTARIO--(Marketwire - May 9, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE
Closing of Calloway Acquisition
Retrocom Mid-Market Real Estate Investment Trust (the "REIT" or "Retrocom") (TSX:RMM.UN) announced today that it has closed the acquisition of four investment properties from Calloway REIT totalling approximately 226,000 square feet, as previously announced on February 23, 2011. The total purchase price of approximately $42.8 million (inclusive of approximately $1.2 million of transaction costs) was satisfied by the assumption of existing mortgage debt of approximately $12.9 million, new mortgages placed on two of the acquired properties for approximately $13.3 million and cash on hand. The portfolio is currently 100% leased with an overall average remaining lease term of approximately 9.3 years.
|Property Location||Rentable Area Square Feet||Occupancy||Total Centre Square Feet (incl. Shadow Anchors)||
|Drummondville, QC||51,186||100%||250,331||Addition Elle, Mark's Work Wearhouse, Dormez-Vous (Sleep Country) and C.I.B.C.
Shadow anchors: Walmart and Loblaws
|Kenora, ON||80,881||100%||139,098||Walmart (single tenant)
Shadow anchor: Canadian Tire
|Midland, ON||35,594||100%||271,557||Mark's Work Wearhouse, Dollar Giant, Boston Pizza
Shadow anchors: Walmart and Home Depot
|Peterborough, ON||58,355||100%||58,355||Home Outfitters, Jysk Linen 'N Furniture, Boston Pizza|
Refinancing of Lancaster Mall
The REIT also announced that on April 29, 2011, it had successfully refinanced Lancaster Mall, which was acquired on December 30, 2010. The REIT refinanced the property with a five-year $19 million first mortgage, replacing a senior secured non-revolving bridge credit facility originally secured against the property upon closing of the acquisition of seven investment properties on December 30, 2010.
About Retrocom Mid-Market REIT
Retrocom Mid-Market REIT is an Ontario unincorporated open-end real estate investment trust which focuses on owning and acquiring community-based commercial properties in primary and secondary cities across Canada with the objective of producing a geographically diversified portfolio of properties with stable and growing cash flows.
FOR FURTHER INFORMATION PLEASE CONTACT:
Richard Michaeloff Retrocom Mid-Market REIT Chief Executive Officer (416) 741-7999 ext. 5227 (416) 741-7993 (FAX) email@example.com