MONTREAL, May 11 /CNW Telbec/ - Homburg Canada Real Estate Investment
Trust ("HCR" or the "REIT") (TSX: HCR.UN) held its first Annual and
Special Meeting of Unitholders since becoming a publicly traded REIT,
today. In his address to unitholders, President and Chief Executive
Officer Jim Beckerleg highlighted the REIT's successes during its first
year as a publicly traded real estate investment trust.
Mr. Beckerleg underlined several important accomplishments. The REIT:
Successfully closed its Initial Public Offering ("IPO") on May 25, 2010
and listed on the TSX under the trading symbol HCR.UN.
Completed six acquisitions, including four retail properties and two
office properties, which added 18.2% to total square footage and almost
30% to total assets. In doing so, the REIT:
Built on its strong retail presence in Montreal with the acquisition of
Place Longueuil in Longueuil, Quebec, creating a retail axis that
extends from the South Shore through Place Alexis Nihon in Montreal, to
Centre Laval in the City of Laval;
Added to its quality office portfolio in downtown Montreal with the
acquisition of Papineau-Lévesque Complex;
Made a first acquisition in the heart of downtown Calgary, acquiring 50%
of Scotia Centre, and became managers of this high quality property.
Completed two equity financings totalling $183.5 million.
Developed an active pipeline of potential transactions.
Built a strong balance sheet with debt levels well within targets.
Achieved a total return for unitholders of almost 36% since the IPO was
completed, including $0.888 in distributions to the end of April, 2011.
"One of our key goals at the time of the IPO was to build a
'best-in-class' REIT with great assets, solid finances, solid
governance and superior returns to unitholders," said Jim Beckerleg.
"We have worked hard to achieve those goals and investors have earned a
healthy return. With continued support from financial markets and a
solid commercial real estate market, we intend to continue delivering
value for our unitholders."
About Homburg Canada Real Estate Investment Trust
Homburg Canada Real Estate Investment Trust is an unincorporated
open-ended real estate investment trust established pursuant to a
declaration of trust under the laws of the Province of Quebec. Managed
internally, the REIT owns a portfolio of Canadian income-producing
commercial properties, consisting mainly of retail and office
properties with certain industrial properties, as well as certain
income-producing multi-family residential properties. The properties
comprise approximately 7.8 million square feet of commercial gross
leasable area and 1,725 multi-family residential units located in
Quebec, Atlantic Canada, Western Canada and Ontario.
This news release may contain forward-looking information within the
meaning of applicable securities legislation. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the REIT's
control that could cause actual results and events to differ materially
from those that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not limited
to, the factors discussed under "Risk Factors" in the REIT's latest
annual information form.
The REIT's objectives and forward-looking statements are based on
certain assumptions, including that (i) the REIT will receive financing
on favourable terms; (ii) the future level of indebtedness of the REIT
and its future growth potential will remain consistent with the REIT's
current expectations; (iii) there will be no changes to tax laws
adversely affecting the REIT's financing capacity or operations; (iv)
the impact of the current economic climate and the current global
financial conditions on the REIT's operations, including its financing
capacity and asset value, will remain consistent with the REIT's
current expectations; (v) the performance of the REIT's investments in
Canada will proceed on a basis consistent with the REIT's current
expectations; and (vi) capital markets will provide the REIT with
readily available access to equity and/or debt.
The forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary statement. All
forward-looking statements in this press release are made as of the
date of this press release. The REIT, except as required by applicable
securities legislation, does not undertake to update any such
forward-looking information whether as a result of new information,
future events or otherwise. Additional information about these
assumptions and risks and uncertainties is contained in the REIT's
filings with securities regulatory authorities, including its latest
annual information form, which are available on SEDAR at www.sedar.com.
SOURCE Homburg Canada Real Estate Investment Trust
For further information:
| James W. Beckerleg || Gordon G. Lawlor, CA |
| President and Chief Executive Officer || Executive Vice President, Chief Financial Officer and Secretary |
| Homburg Canada REIT || Homburg Canada REIT |
| 514-931-2591, ext. 358 || 514-931-2591, ext. 313 |
| Paul de la Plante || |
| NATIONAL Public Relations || |
| 514-843-2332 |