TSX - CUF.UN
QUEBEC CITY, April 3 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar" or the "REIT") announces the acquisition of two properties for a
total amount of $20.8 million at a 9.2% average capitalization rate. These
acquisitions will add 0.3 million square feet to the REIT's real estate
The first property, located at 565-585 Charest East in Quebec City, is a
104,375-square-foot nine-storey Class A office building in the downtown area.
It is 98.7% leased. The property was acquired for $11.0 million at a
9.3% capitalization rate.
The second property, acquired for $9.8 million at a 9.1% capitalization
rate, is a two-storey 67,140-square-foot retail building located at 120 de
l'Hôpital Blvd, one of the main commercial arteries in the City of Gatineau.
Built in 1996, the property is currently 100% leased.
These acquisitions bring to $38.5 million the amount invested
year-to-date by Cominar in income-producing property and land acquisitions. So
far in 2007, the REIT has acquired six properties totaling $29.0 million and
land for future development purposes representing 2.3 million square feet. In
addition, Cominar has ongoing and upcoming development projects representing a
$39.2 million investment.
"We continue to focus on growth opportunities that will provide our
unitholders with superior returns over the long term" says Michel Dallaire,
Cominar's President and CEO. "We are very pleased with the acquisition of
these two high-quality assets, which increase our holdings of Class A office
space and retail space, and further diversifies our portfolio in the
PROFILE as at April 3, 2007
Cominar is one of the largest commercial real estate property owners and
managers in the province of Quebec. It owns a high quality portfolio of
145 properties in the Greater Montreal and Quebec City areas, consisting of
16 office, 32 retail, and 97 industrial and mixed-use buildings, totalling
over 10.4 million square feet. The REIT's objectives are to deliver to its
unitholders growing cash distributions and to maximize unitholder value
through proactive management and the growth of its portfolio.
Cominar has a distribution reinvestment plan for its unitholders that
allows participants to reinvest their monthly cash distributions in additional
Trust units. Participants will be given the right to receive an effective
discount of 5% of distributions to which they are entitled in the form of
additional units. Additional information and enrollment forms are available at
For further information:
For further information: Michel Dallaire, P.Eng., President and Chief
Executive Officer, (418) 681-8151, email@example.com; Michel Berthelot,
CA, Executive Vice President and Chief Financial Officer, (418) 681-8151,