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TORONTO, Dec. 20, 2019 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced today that Choice Properties Limited Partnership (the "Partnership") has provided holders of its 3.60% series 8 senior unsecured debentures due April 20, 2020 (the "Series 8 Debentures") with a notice of redemption pursuant to which the Partnership will redeem the entire outstanding principal amount of Series 8 Debentures on January 20, 2020 and has fixed January 17, 2020 as the record date for this redemption. As of the date hereof, there is $300 million aggregate principal amount of Series 8 Debentures outstanding.
On the redemption date, the Series 8 Debentures will be redeemed in accordance with their terms at a redemption price per $1,000 principal amount of the Series 8 Debentures equal to $1,000 plus accrued and unpaid interest to but excluding the redemption date of $9.074, and will thereafter cease to be outstanding.
About Choice Properties Real Estate Investment Trust
Choice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 726 properties totaling 65.8 million square feet of gross leasable area. Choice Properties owns a portfolio comprised of retail properties predominantly leased to necessity‐based tenants; industrial, office and residential assets concentrated in attractive markets; and offers an impressive and substantial development pipeline. Choice Properties' strategic alliance with its principal tenant, Loblaw Companies Limited, the country's leading retailer, is a key competitive advantage providing long-term growth opportunities. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties' current expectations regarding future events. 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 Choice Properties' 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 in Choice Properties' current Annual Information Form and Third Quarter 2019 Report to Unitholders. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.
SOURCE Choice Properties Real Estate Investment Trust
For further information: Mario Barrafato, Chief Financial Officer, Choice Properties Real Estate Investment Trust, t (416) 628-7872, e [email protected]