Cominar announces acquisition of properties adjacent to the Centron Park Complex in Calgary
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QUÉBEC CITY, March 15, 2013 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar") closed today the previously announced acquisition from a subsidiary of Homburg Invest Inc., CP Development Ltd., of approximately 508,780 square feet of vacant land located in Calgary, Alberta, which includes a parkade structure with approximately 347 parking spaces. The acquired properties are adjacent to the Centron Park office buildings, which are already owned by Cominar, and as a result of the acquisition, Cominar is now the sole owner of the Centron Park Complex. Cominar paid $20.5 million for the properties, subject to certain closing adjustments.
PROFILE as at March 15, 2013
Cominar is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Québec. Cominar owns a real estate portfolio of 499 high-quality properties in three different market segments, that is, office buildings, retail buildings and industrial and mixed-use buildings. Cominar's portfolio totals 36.8 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 by way of integrated, proactive management and the expansion of its portfolio.
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 TRUSTFor further information:
Mr. Michel Dallaire, P.Eng.
President and Chief Executive Officer, Cominar Real Estate Investment Trust
Mr. Michel Berthelot
Executive Vice President and Chief Financial Officer, Cominar Real Estate Investment Trust
(418) 681-6300 ext. 2266