MONTREAL, Jan. 24, 2012 /CNW Telbec/ - CANMARC Real Estate Investment
Trust ("CANMARC" or the "REIT") (TSX: CMQ.UN) announced today that it
has closed the previously announced transaction to acquire the
50-percent interest in Scotia Centre that it does not already own,
bringing the REIT's interest to 100 percent.
Scotia Centre, Calgary, Alberta
The purchase price for the increased interest is $140 million and is
accretive to CANMARC's adjusted funds from operations. CANMARC is the
sole manager of the property.
Prominently located in the heart of Calgary's financial and retail
district, Scotia Centre is a 42-storey class "A" office tower with a
3-storey retail concourse. The complex contains 630,431 square feet of
gross leasable area ("GLA"), including 546,494 square feet of office
space, 83,937 square feet of retail space and 84 tenant parking stalls.
It is located directly across the street from Calgary's C-Train, a
light rapid transit system.
The five largest tenants of Scotia Centre include Scotiabank, Gowlings,
Shaw Cablesystems, NuVista Energy and Chinook Energy, who together
occupy 63.2 percent of the building.
TD Securities Inc. acted as financial advisors to CANMARC in the
About CANMARC Real Estate Investment Trust
CANMARC (www.canmarc.ca) is an unincorporated open-ended real estate investment trust
established pursuant to a declaration of trust under the laws of the
Province of Quebec. Managed internally, CANMARC owns a portfolio of
Canadian income-producing commercial properties, consisting of retail
and office properties with certain industrial properties. In total,
CANMARC properties comprise approximately 9.4 million square feet of
commercial gross leasable area and 464 multi-family residential units
located in Quebec, Atlantic Canada, Western Canada and Ontario.
This news release may contain forward-looking information within the
meaning of applicable securities legislation. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the REIT's
control that could cause actual results and events to differ materially
from those that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not limited
to, the factors discussed under "Risk Factors" in the REIT's latest
annual information form.
The REIT's objectives and forward-looking statements are based on
certain assumptions, including that (i) the REIT will receive financing
on favourable terms; (ii) the future level of indebtedness of the REIT
and its future growth potential will remain consistent with the REIT's
current expectations; (iii) there will be no changes to tax laws
adversely affecting the REIT's financing capacity or operations; (iv)
the impact of the current economic climate and the current global
financial conditions on the REIT's operations, including its financing
capacity and asset value, will remain consistent with the REIT's
current expectations; (v) the performance of the REIT's investments in
Canada will proceed on a basis consistent with the REIT's current
expectations; and (vi) capital markets will provide the REIT with
readily available access to equity and/or debt.
The forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary statement. All
forward-looking statements in this press release are made as of the
date of this press release. The REIT, except as required by applicable
securities legislation, does not undertake to update any such
forward-looking information whether as a result of new information,
future events or otherwise. Additional information about these
assumptions and risks and uncertainties is contained in the REIT's
filings with securities regulatory authorities, including its latest
annual information form, which are available on SEDAR at www.sedar.com.
SOURCE CANMARC REAL ESTATE INVESTMENT TRUST
For further information:
| James W. Beckerleg |
President and Chief Executive Officer
CANMARC Real Estate Investment Trust
| Mélanie Tardif |
NATIONAL Public Relations
| Gordon G. Lawlor, CA |
Executive Vice President, Chief Financial Officer and Secretary
CANMARC Real Estate Investment Trust