Crombie REIT announces the extension and syndication of the bridge loan

    STELLARTON, NS, June 3 /CNW/ - Crombie Real Estate Investment Trust
("Crombie") (TSX: CRR.UN) is pleased to announce the extension and syndication
of its bridge loan with a $139,000,000 two year secured non-revolving term
facility carrying a floating interest rate priced at 400 basis points above 30
day bankers' acceptance rates. Agented by the Bank of Nova Scotia, the seven
bank syndicate consists of The Bank of Nova Scotia, The Toronto-Dominion Bank,
The Canadian Imperial Bank of Commerce, The Bank of Montreal, Canadian Western
Bank, Laurentian Bank and National Bank of Canada. The extension and
syndication will be effective on the opening of business tomorrow, June 4,
    The bridge loan, approximating $140,323,000 at March 31, 2009, was the
remaining balance of the original $280,000,000 bridge loan which was used to
partially finance the acquisition of a portfolio of 61 properties acquired by
Crombie on April 22, 2008. The bridge loan was originally set to expire on
October 22, 2009. The difference between the bridge loan and the extended
facility will be financed through the revolving credit facility. The original
amount of the bridge loan was reduced through a series of secured long term
financings. The extended facility remains secured by 30 of the 61 properties
acquired by Crombie on April 22, 2008.
    Commenting on the syndication and extension of the bridge loan, J. Stuart
Blair, President and Chief Executive Officer stated: "We are extremely pleased
at the interest and support we received in the syndication of the facility,
especially with the addition of three new lenders to Crombie. The two year
term extension will allow Crombie to continue our discussions with potential
lenders to replace the credit facility with suitable long-term financing."

    About Crombie

    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. Crombie currently owns a portfolio of 113 commercial properties in
seven provinces, comprising approximately 11.2 million square feet of rentable

    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 "continue", "may", "will", "estimate", "anticipate", "believe",
"expect", "intend" 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, including those discussed in the 2008
annual Management Discussion and Analysis under "Risk Management", 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 reader 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
    In particular, certain statements in this document discuss Crombie's
anticipated outlook of future events. These statements include, but are not
limited to replacing the credit facility with long term financing, which could
be impacted by credit markets conditions including liquidity, credit spreads
and other financing risks. Readers are cautioned that such forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from these statements. Crombie can give no
assurance that actual results will be consistent with these forward-looking

    Additional information relating to Crombie can be found on Crombie's web
site at or on the SEDAR web site for Canadian regulatory
filings at

For further information:

For further information: Scott Ball, C.A., Vice President, Chief
Financial Officer and Secretary, Crombie REIT, (902) 755-8100

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