Early warning news release for Mitchell Goldhar, president and CEO of SmartCentres



    Early warning news release pursuant to section 102.1 of the Securities
    Act (Ontario) and National Instrument 62-103

    TORONTO, June 17 /CNW/ - Mitchell Goldhar, president and CEO of
SmartCentres, of 700 Applewood Crescent, Suite 100, Vaughan, Ontario L4K 5X3,
indirectly and beneficially, in the context of two separate acquisition and
sale transactions, acquired ownership of securities of Calloway Real Estate
Investment Trust (the "REIT") representing approximately 2.6% of the
77,613,579 issued and outstanding units of the REIT as at June 12, 2008.
    The transactions are as follows:

    
    -   On February 29, 2008, Mr. Goldhar, indirectly and beneficially
        through affiliated companies, acquired up to 1,348,223 options to
        acquire trust units of the REIT on the completion and rental of
        certain premises pursuant to agreements to lease (and, in the case of
        Richmond Hill (Baymac) Shopping Centre, pursuant to a loan commitment
        letter) providing for the ground leasing or prospective ground
        leasing of the properties known as Toronto (Stockyards) Shopping
        Centre, the Aurora (North) Shopping Centre, Oshawa (South) Shopping
        Centre and Richmond Hill (Baymac) Shopping Centre.

    -   On June 13, 2008, Mr. Goldhar, indirectly and beneficially through
        affiliated companies, acquired 707,173 Class B Exchangeable Units of
        Calloway Limited Partnership (the "Partnership"), together with
        707,173 Special Voting Units of the REIT in connection with the sale
        to the Partnership of 6 (six) shopping centres owned by SmartCentres
        and Wal-Mart Canada Corp. The issued securities represent
        approximately $14.3 million of the purchase price.
    

    Mr. Goldhar, directly or indirectly, holds 10,317,496 trust units of the
REIT representing approximately 13.3% of the 77,613,579 issued and outstanding
trust units of the REIT as at June 12, 2006, which together with all
previously issued Class B Exchangeable Units and associated Special Voting
Units, represents a 24% voting interest in the REIT. Together with options or
rights to acquire trust units of the REIT or Class B Exchangeable Units and
associated Special Voting Units on the completion and rental of certain
properties, Mr. Goldhar may be able to increase his economic and voting
interest in the REIT to as much as 34.1% as existing and new developments are
completed and rented, assuming no additional trust units of the REIT are
issued.
    Mr. Goldhar has no present intention of acquiring any additional trust
units or securities convertible or exchangeable into trust units other than
pursuant to the terms of previously disclosed option and earn out
arrangements. In the future, Mr. Goldhar may increase or decrease his
ownership depending on the business and prospects of the REIT as well as
market conditions.
    A report under National Instrument 62-103 further detailing Mr. Goldhar's
holdings in the REIT will be filed within two business days on the Canadian
Securities Administrators' System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com. A copy may also be obtained by contacting
Joseph Amato of SmartCentes at 905.760.6200.





For further information:

For further information: Joseph Amato, SmartCentes, (905) 760-6200

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