Cominar announces development projects representing $123.4 million in the Quebec City and Montreal regions

    TSX - CUF.UN

    QUEBEC CITY, March 11 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar" or the "REIT") announces development projects representing
$123.4 million over the next two years.
    In January 2008, Cominar undertook a large-scale construction in Quebec
City, specifically a retail and office property on Laurier Boulevard, one of
the major thoroughfares in the city, with its many hotels, office towers and
shopping centres. This property will include two office towers covering a
leasable area of over 720,000 square feet, of which approximately
100,000 square feet will be used for retail space. The construction cost is
estimated at $110 million and the capitalization rate at 9.3%. This project
will be completed in two phases. The first will extend over a period of about
18 months, will represent 396,000 square feet and a cost of approximately
$74 million.
    In addition, Cominar has begun the final phase of revitalizing Les
Promenades Beauport shopping centre, located on du Carrefour Street in Quebec
City. The project consists of a 50,000-square-foot expansion designed
primarily for office space and the renovation of 65,000 square feet of retail
space. The total cost of the project is estimated at $7.9 million and the
capitalization rate at 9.3%.
    In February 2008, Cominar also initiated construction of an industrial
and mixed-use property, located in Boucherville in the Montreal region. This
property represents a leasable area of 28,600 square feet and a $5.5 million
investment. Its capitalization rate is estimated at 9.8%. This construction is
a turnkey project that will be fully occupied by a single tenant as of May 1,
    "We are pursuing our growth strategy by further focusing on property
development projects that yield higher returns in today's real estate market
in Quebec. For instance, these projects have an average capitalization rate of
9.5%, which is excellent," indicated Michel Dallaire, President and Chief
Executive Officer of Cominar.
    On March 13, 2008, Cominar will announce its financial results for the
fourth quarter and fiscal year ended December 31, 2007.

    PROFIL as at March 11, 2008

    Cominar is the largest commercial property owner and manager in the
Province of Quebec. The REIT owns a real estate portfolio of 208 high-quality
properties, consisting of 36 office, 38 retail and 134 industrial and
mixed-use buildings that cover a total area of over 17.0 million square feet
in the Greater Quebec City, Montreal and Ottawa areas. Cominar's objectives
are to deliver growing cash distributions to its unitholders and to maximize
unitholder value through proactive management and the growth of its portfolio.
    %SEDAR: 00010204EF

For further information:

For further information: Michel Dallaire, Eng., President and Chief
Executive Officer, (418) 681-8151,; Michel Berthelot,
CA, Executive Vice President and Chief Financial Officer, (418) 681-8151,

Organization Profile

Cominar Real Estate Investment Trust

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