TORONTO, Dec. 12, 2012 /CNW/ - KEYreit (TSX: KRE.UN) today announced
that it has entered into an agreement to sell three properties in the
province of Quebec for gross proceeds of $1.9 million. The three
properties, representing 8,020 square feet of gross leaseable area, are
located in the cities of Chateauguay, Cowansville and Jonquiere, and
are currently vacant. The property sales are expected to close before
the end of December 2012. The net proceeds from the sale will be used
to pay down a portion of the REIT's IPO Mortgage which has a current
balance outstanding of $23.6 million.
"The REIT has identified certain of the disclaimed former Priszm
properties, generally those located in smaller secondary or tertiary
markets that are expected to take longer than average to re-lease,
which may be sold from time to time", said Kevin Salsberg, Chief
Operating Officer of the REIT. "The three sites we are currently
disposing of fit the criteria that we have set out for these identified
properties and are not considered core to the REIT's long term
holdings. The proceeds from property sales can be effectively
redeployed into future acquisitions or used to pay down debt, as will
be the case with the sale of the three Quebec sites".
December 2012 Distribution
KEYreit also announced today a cash distribution of $0.05 per unit for
the month of December 2012. The distribution will be payable on January
15, 2013 to Unitholders of record on December 31, 2012.
KEYreit (TSX: KRE.UN) (formerly Scott's Real Estate Investment Trust) is
Canada's premier small-box retail property owner with 231 properties in
nine provinces across Canada. KEYreit's properties are well located and
geographically diverse across Canada with the majority of all
properties containing long-term quadruple net leases.
To find out more about KEYreit (TSX: KRE.UN), visit our website at www.keyreit.com.
For further information:
For investor information, please contact:
Chief Financial Officer
For media information, please contact: