TORONTO, Dec. 18, 2017 /CNW/ - Further to its press release issued on November 28, 2017, CT Real Estate Investment Trust ("CT REIT") (TSX:CRT.UN) announced today that it has completed the purchase of five properties from RioCan Real Estate Investment Trust ("RioCan") at a total investment of $135 million, before transaction costs. The properties are located in Hamilton, Orillia, and Sudbury, Ontario; Yorkton, Saskatchewan; and Oliver, British Columbia.
The acquisition of the two remaining properties in Collingwood and St. Catharines, Ontario are expected to be completed during the first quarter of 2018.
In addition, CT REIT has entered into a new loan facility with Canadian Tire Corporation, Limited for an amount of up to $150 million and for a term of up to one year. CT REIT drew on this new facility to partially fund the five acquisitions referenced above. This new facility is in addition to CT REIT's existing bank credit facility.
This document contains forward-looking information, including statements concerning the REIT's ability to complete any of the investments in acquisitions from RioCan. Forward-looking statements are provided for the purposes of providing information about CT REIT's future outlook and anticipated events or results. Readers are cautioned that such information may not be appropriate for other purposes.
The forward-looking statements and information contained herein are based on management's reasonable assumptions, estimates, analyses, beliefs and opinions, as well as other factors that management believes to be relevant and reasonable as of the date hereof. CT REIT does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws.
About CT Real Estate Investment Trust
CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated, closed end real estate investment trust formed to own income producing commercial properties primarily located in Canada. Its portfolio is comprised of over 300 properties totalling approximately 25 million square feet of GLA, consisting primarily of retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT's most significant tenant. For more information, visit www.ctreit.com.
SOURCE CT Real Estate Investment Trust (CT REIT)