STELLARTON, NS, March 7 /CNW/ - Crombie Real Estate Investment Trust
("Crombie") (TSX: CRR.UN) is pleased to announce the acquisition of Perth Mews
Shopping Mall, located in Perth, Ontario.
Perth Mews Shopping Mall is a single level grocery anchored strip centre
comprised of approximately 102,500 square feet of gross leaseable area. The
property was purchased for a total of $17.9 million, representing a
capitalization rate of 7.3%.
A new free standing 10,000 square foot Mark's Work Warehouse was recently
completed. Additional tenants include Your Independent Grocer, LCBO, Bargain
Shop, CIBC and Shoppers Drug Mart.
The purchase price will initially be satisfied by funds from the
revolving credit facility. Crombie has entered into a commitment letter to
place a $12.6 million fixed rate mortgage on the property, carrying an
interest rate of 5.43% with a fifteen year term. The financing is anticipated
to close prior to the end of April 2007.
Crombie is an open-ended real estate investment trust established under,
and governed by, the laws of the Province of Ontario. The trust invests in
income-producing retail, office and mixed-use properties in Canada, with a
future growth strategy focused primarily on the acquisition of retail
properties in Ontario and Western Canada. Crombie currently owns a portfolio
of 49 commercial properties in six provinces, comprising approximately
7.6 million square feet of rentable space. More information about Crombie can
be found at www.crombiereit.com.
This news release contains forward looking statements that reflect the
current expectations of management of Crombie about Crombie's future results,
performance, achievements, prospects and opportunities. Wherever possible,
words such as "may", "will", "estimate", "anticipate", "believe", "expect",
"intention" and similar expressions have been used to identify these forward
looking statements. These statements reflect current beliefs and are based on
information currently available to management of Crombie. Forward looking
statements necessarily involve known and unknown risks and uncertainties. A
number of factors could cause actual results, performance, achievements,
prospects or opportunities to differ materially from the results discussed or
implied in the forward looking statements. These factors should be considered
carefully and a prospective purchaser should not place undue reliance on the
forward looking statements. There can be no assurance that the expectations of
management of Crombie will prove to be correct.
Additional information relating to Crombie can be found on Crombie's web
site at www.crombiereit.com or on the SEDAR web site for Canadian regulatory
filings at www.sedar.com.
For further information:
For further information: Scott Ball, C.A., Vice President, Chief
Financial Officer and Secretary, Crombie REIT, (902) 755-8100