MONTREAL, Jan. 18, 2012 /CNW Telbec/ - CANMARC Real Estate Investment Trust ("CANMARC" or the "REIT") (TSX: CMQ.UN) announced today that it has closed the previously announced transactions to acquire Woodside Square in Toronto, and Marché Jonquière in Quebec.
Woodside Square, Toronto
The purchase price for the Toronto mall is $59.25 million for a 100 percent interest in the property. The acquisition is accretive to adjusted funds from operations.
Woodside Square is an enclosed anchored community shopping centre comprised of 282,952 square feet of GLA on 24.46 acres. The property is anchored by strong brand name tenants, including Food Basics, Shoppers Drug Mart and an LCBO outlet; and includes major retailers and services such as three Canadian chartered banks branches, Le Chateau, Dollarama, a freestanding McDonald's on a restaurant pad and others. The property is primarily single-storey; however it has a fully leased mezzanine with 9,084 square feet of office space and a cinema. The weighted average lease term for major tenants is more than 7 years.
Marché Jonquière, Jonquière
The purchase price for the mall is $13.76 million for a 100 percent interest in the property. The acquisition is accretive to adjusted funds from operations.
Marché Jonquière is a recently developed and renovated "Class A" grocery and drug store anchored neighbourhood strip centre. The 66,189 square foot mall is anchored by a freestanding IGA built in 2008, by a Jean Coutu pharmacy and a Desjardins credit union branch. The two other tenants located in the strip are a Couche-Tard convenience store and gas station and a brand-name restaurant. The original strip centre was fully renovated and upgraded by the vendor in 2009. The weighted average lease term is over 14 years.
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 9.1 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