/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN
TORONTO, March 23 /CNW/ - (TSX - RMM.UN) - Retrocom Mid-Market Real
Estate Investment Trust (the "REIT") announced today that it has entered into
a conditional agreement with a purchaser to sell Woodbine Place, located in
Toronto, Ontario. This agreement is conditional on financing and final due
diligence and is expected to close in late May, 2007.
"The sale of this office property is consistent with our strategy of
focusing on retail properties. The gross proceeds from this transaction amount
to approximately $12.5 million, which will be used to discharge the mortgage
in the amount of approximately $2.5 million, and the remainder of the net
proceeds, estimated to be approximately $10.0 million (less costs), will be
used to reduce short term debt, to invest in the balance of the portfolio, and
potentially to buy back units through the normal course issuer bid that was
recently approved by the TSX" said David Fiume, Chief Executive Officer.
Retrocom Mid-Market REIT is an Ontario unincorporated open-end real
estate investment trust that focuses on owning and acquiring mid-market
commercial properties in primary and secondary cities across Canada with the
objective of producing a geographically diversified portfolio of properties
with stable and growing cash flows. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy Units of the REIT, which
may be made only by means of a prospectus, nor shall there be any sale of the
Units in any state, province or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under securities laws of any such state, province or other jurisdiction. The
Units of the REIT have not been, and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered, sold or delivered
in the United States absent registration or an application for exemption from
the registration requirements of U.S. securities laws.
Certain statements contained in this news release may include
forward-looking information with respect to Retrocom Mid-Market Real Estate
Investment Trust's operations and future financial results. Such statements
are based on current expectations, are subject to a number of uncertainties
and risks, and actual results may differ materially from those contained in
such statements. These uncertainties and risks include, but are not limited
to, availability of resources, competitive pressures, changes in market
activity and regulatory requirements. Further information can be found in the
disclosure documents filed by Retrocom Mid-Market Real Estate Investment Trust
with the securities regulatory authorities, available at www.sedar.com.
For further information:
For further information: David Fiume, Chief Executive Officer, Retrocom
Mid-Market REIT, Tel: (416) 741-7999, Fax: (416) 741-7993