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 transaction.
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.
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