NEW GLASGOW, NS, June 25, 2018 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) advises that it recently closed on the sale of Park Lane in Halifax, Nova Scotia, a 273,000 square foot retail and office property for $51.25 million.
The transaction was completed as part of Crombie's previously announced plan to recycle capital from the sale of certain non-core, and/or lower growth assets. Crombie's year to date sales totaling almost $200 million have in aggregate been executed at, or above, IFRS fair value. The transactions are intended to enhance portfolio quality, with proceeds to be invested in Crombie's value creating mixed use development pipeline.
"We are executing on our capital recycling program with almost $200 million of year to date sales essentially funding the 2018 requirements of our active major development projects," said Don Clow, President and CEO. "Our year to date sales are a solid indicator that demand is strong for our properties including stable e-commerce resistant grocery anchored assets."
About Crombie REIT
Crombie Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets.
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", "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 2017 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 correct. 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 statements. Specifically, this document includes, but is not limited to, forward-looking statements regarding funding requirements for Crombie's active major development projects, which could be impacted by general economic conditions, the availability of labour, actual development costs, uncertainties in obtaining required municipal zoning and development approvals, successful execution of development activities undertaken by related parties not under the direct control of Crombie and capital resource allocation decisions.
SOURCE Crombie REIT
For further information: Media Contact: Glenn Hynes, FCPA, FCA, Executive Vice President, Chief Financial Officer and Secretary, 902-755-8100