TORONTO, June 28 /CNW/ - (TSXV: IS.UN) InStorage Real Estate Investment
Trust (the "REIT") announced today that it has completed its previously
announced acquisition of the "Entreposage Domestik" portfolio of four high
quality self-storage properties located in Quebec for an aggregate purchase
price of $21.2 million.
"We are very pleased to complete this acquisition which significantly
increases our presence in Quebec and positions us for further growth in that
market" said T. James Tadeson, Chief Executive Officer.
The properties, which collectively add approximately 226,000 square feet
of total gross rentable area and 2,350 storage units to the REIT's overall
portfolio, are located at 255 Shannon Street, Montreal, 3900 Sir Wilfrid
Laurier Boulevard, Longueuil, 2383 Galvani Street, Quebec City and
555 Clemenceau Street, Quebec City. The purchase price for the acquisition was
satisfied with approximately $14.8 million in first mortgage financing and the
balance in cash.
InStorage Real Estate Investment Trust
The REIT is an unincorporated open-ended real estate investment trust
that invests primarily in self-storage properties and ancillary businesses
throughout Canada. The REIT is the largest owner/operator of self storage
facilities in Canada and is the country's leading self-storage industry
consolidator, with a current portfolio of 50 self-storage properties located
in Alberta, Saskatchewan, Ontario and Quebec.
Additional information concerning the REIT may be obtained on the REIT's
website, www.instoragereit.ca, and on the SEDAR website at www.sedar.com,
under the REIT's profile.
This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the REIT to
be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Examples of such
statements include statements with respect to further growth of the REIT.
Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied by the forward-looking statements
contained in this press release. Such forward-looking statements are based on
a number of assumptions which may prove to be incorrect, including, but not
limited to: the availability of acquisition or development opportunities in
the future; the level of activity in the underlying self-storage business of
the REIT, the self-storage industry and in the economy generally; consumer
interest in the services and products of the REIT's subsidiaries; competition;
and anticipated and unanticipated costs. While the REIT anticipates that
subsequent events and developments may cause its views to change, it
specifically disclaims any obligation to update these forward-looking
statements. These forward-looking statements should not be relied upon as
representing the REIT's views as of any date subsequent to the date of this
press release. Although the REIT has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The factors identified
above are not intended to represent a complete list of the factors that could
affect the REIT. Additional factors are noted under "Risk Factors" in the
REIT's short form prospectus dated March 28, 2007, a copy of which may be
obtained on the SEDAR website at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: InStorage Real Estate Investment Trust, T.
James Tadeson, Chief Executive Officer, Tel: (416) 867-9705