QUEBEC CITY, Dec. 20, 2013 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) is pleased to announce the acquisition of Montenach Mall, a 328,050 square foot shopping centre which consists of a 272,170 square foot enclosed mall, a 44,684 square foot strip centre and two single tenant pads totalling 11,196 square feet, located in Beloeil, Québec, on the south shore of Montreal. Montenach Mall is a leading shopping centre in the trade area and is anchored by Canadian Tire and Super C (Metro), with many other well established and generally recognized national and provincial brands. The purchase price is $60,000,000 which represents a capitalization rate of 7%. Montenach Mall is 93.2% occupied.
Mr. Michel Dallaire, Cominar's president and chief executive officer, said: "With this acquisition, we are pleased to increase our retail presence in the south shore, within a 30 minute drive from Montreal. Montenach Mall enjoys excellent visibility and easy access along Sir-Wilfrid-Laurier Boulevard, the main commercial artery serving the Beloeil community and is easily accessible from Highways 20 and 30 providing good traffic volume."
PROFILE AS AT DECEMBER 20, 2013
Cominar Real Estate Investment Trust is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 496 properties in three different market segments, that is, office buildings, retail buildings and industrial and mixed-use buildings. Cominar's portfolio totals 37.1 million square feet spread out across Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's objectives are to pay growing cash distributions to unitholders and to maximize unitholder value by way of integrated, proactive management and the expansion of its portfolio.
SOURCE: COMINAR REAL ESTATE INVESTMENT TRUST
For further information:
Michel Dallaire, Eng., President and Chief Executive Officer
Sylvain Cossette, Executive Vice-President and Chief Operating Officer
Gilles Hamel, CPA, CA, Vice-President Corporate Finance and Administration
Tel: (418) 681-8151