TORONTO, March 12, 2012 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) exercised its right to acquire the Corus Quay building from Toronto Port Lands Company ("TPLC") and subsequently has sold the building to H&R REIT for the same cash consideration.
As part of the agreement, the long-term lease has been restructured on terms favourable to both parties. Under those terms, Corus Entertainment will extend the original 20-year lease term, with options to renew its lease for an additional 20 years.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing and children's animation. The Company's multimedia entertainment brands include YTV, Treehouse, Nickelodeon (Canada), W Network, OWN: Oprah Winfrey Network (Canada), CosmoTV, Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can Press and radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the web at www.corusent.com.
About H&R REIT
H&R REIT is an open-ended real estate investment trust, which owns a North American portfolio of 40 office, 117 industrial and 133 retail properties comprising over 43 million square feet, with a net book value of approximately $6.0 billion. The foundation of H&R REIT's success since inception in 1996 has been a disciplined strategy that leads to consistent and profitable growth. H&R REIT leases its properties long term to creditworthy tenants and strives to match those leases with primarily long-term, fixed-rate financing.
For further information:
Communications, Corus Entertainment