On track to double asset value in three years as two new purchase
TORONTO, June 19 /CNW/ - Scott's Real Estate Investment Trust
(TSX: SRQ.UN) ("Scott's REIT"), Canada's leading owner of small-box retail
properties, announced today that it has obtained a $10 million unsecured
acquisition line through TD Securities Inc. The new facility will allow
Scott's REIT to undertake approximately $40 million in acquisitions.
"This $10 million acquisition line will enable us to continue our
aggressive plan to double our asset value in three years and to lead the
consolidation of the small-box retail property sector in Canada," said John
Bitove, Chairman and Chief Executive Officer of Scott's REIT.
Scott's REIT enters into two purchase agreements
Scott's REIT also announced today that it has entered into two purchase
agreements to acquire three income-producing properties in Quebec.
One agreement is for a 40,340 sq. ft. multi-tenant unenclosed retail
centre located in Longueuil. The property is occupied by national brand
tenants and is anchored by a Staples Business Depot.
The second agreement includes two single-tenant retail centres in Quebec,
both of which are leased exclusively to Laurentian Bank.
"Upon completion of these two acquisitions, and the completion of our two
previously announced acquisitions, we will have expanded our portfolio to 201
high traffic properties in urban and non-urban centres," said Bitove.
The combined total of these transactions is $6.4 million. Each of the
acquisitions is subject to customary conditions to closing, including
satisfactory due diligence and financing and is expected to be immediately
About Scott's Real Estate Investment Trust
Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property
owner with 196 properties in seven provinces across Canada. Scott's REIT's
properties are well-located and geographically diverse across Canada and
nearly all properties are long-term quadruple net leases. The REIT has a
70.6 per cent interest in Scott's Real Estate LP. To find out more about
Scott's Real Estate Investment Trust (TSX: SRQ.UN), visit our website at
This media release contains forward-looking statements. Such statements
are based on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might differ
materially from projections suggested in any forward-looking statements due to
factors such as the competitive nature of the quick service restaurant
industry, the ability of Scott's REIT and Scott's Real Estate LP to execute a
growth and development strategy, the reliance of Scott's REIT and Scott's Real
Estate LP on key personnel, and risk associated with the structure of income
trusts. Scott's REIT and Scott's Real Estate LP assume no obligation to update
the forward-looking statements, or to update the reasons why actual results
could differ from those reflected in the forward-looking statements.
Additional information identifying risks and uncertainties is contained in
Scott's REIT filings with the Canadian securities regulators, available at
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