/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN
TORONTO, March 29 /CNW/ - (TSX - RMM.UN) - Retrocom Mid-Market Real
Estate Investment Trust (the "REIT") announced today that it has entered into
an agreement to lease the remainder of Qwanlin Mall, finalizing its
repositioning plan. The REIT also announced the appointment of Belinda J.
James as Vice President and General Counsel.
Qwanlin Mall an approximately 100,000 square foot enclosed community mall
in Whitehorse, Yukon was 23.5% vacant in the second quarter of 2006 and
without implementing our repositioning strategy, would potentially be over 30%
vacant and be operating inefficiently. In July 2006, the REIT announced an
approximately 20,000 square foot lease with Liquidation World, and today
announces another approximately 18,500 square foot lease with Shoppers Drug
Mart. The repositioning plan reconfigures the mall to eliminate all common
area interior space and the excessive costs associated with this space. The
REIT will soon have a fully occupied property, with four large national
tenants with average net lease terms of 7.4 years. The REIT will continue to
pursue similar value enhancing strategies on other properties, which increases
the value to the portfolio and also the significance to the communities that
As well, with its announcement today of the appointment of Ms. Belinda J.
James, LLB as its new Vice President and General Counsel, the REIT continues
to execute on its plan to strengthen the depth and breadth of the management
team. Ms. James brings to the REIT over 20 years of legal experience, most
recently as a partner in the real estate group at Fasken Martineau DuMoulin
LLP. After graduating from Queen's University with a Bachelor of Law degree in
1986, Ms. James began her career at a predecessor firm of Fasken Martineau.
"We look forward to having Belinda join our senior management team," said
David Fiume, Chief Executive Officer. "We believe Belinda's real estate
expertise will assist the REIT tremendously," he added.
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