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QUÉBEC, Sept. 30, 2015 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar") (TSX: CUF.UN) announced today that it has completed the sale of 8400-8500 Décarie Boulevard, in the Town of Mont-Royal, and 2105 23rd Avenue, in the City of Montréal, Province of Quebec for an aggregate consideration, paid in cash, of 98 million dollars, subject to usual adjustments. The proceeds from the sale were used to reduce Cominar's indebtedness in accordance with its strategic plan.
PROFILE as at September 30, 2015
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. The REIT owns a real estate portfolio of 564 properties in three different market segments, that is, office properties, retail properties and industrial and mixed-use properties. Cominar's portfolio totals approximately 45.3 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 through 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. Cominar does not assume any obligation to update the aforementioned forward-looking statements, except as required by applicable laws.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST
For further information: Michel Dallaire, Eng., President and Chief Executive Officer, Cominar Real Estate Investment Trust; Sylvain Cossette, Executive Vice-President and Chief Operating Officer, Cominar Real Estate Investment Trust; Gilles Hamel, CPA, CA, Executive Vice-President and Chief Financial Officer, Cominar Real Estate Investment Trust: 418-681-8151