QUÉBEC CITY, Jan. 10, 2017 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) announced today that it has received approval of the Toronto Stock Exchange to amend its normal course issuer bid in order to increase the maximum number of units that it intends to repurchase for cancellation during the twelve month period ending November 14, 2018 from 9,000,000 units to 17,596,591 units, representing 10% of the public float of units as at November 7, 2017 (see press release dated November 10, 2017). No other terms of the normal course issuer bid have changed.
The units will be purchased on behalf of Cominar by a registered broker through the facilities of TSX or alternative Canadian trading platforms. The price paid for the units will be the market price at the time of the acquisition, and the number of units purchased and the timing of any such purchases will be determined by Cominar. All units purchased by Cominar will be cancelled. As at December 31, 2017, Cominar has purchased 977,880 units at a weighted average price of $14.23 under the current normal course issuer bid.
PROFILE AS AT JANUARY 10, 2018
Cominar is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Quebec. The REIT owns a real estate portfolio of 525 properties in three different market segments, that is, office properties, retail properties and industrial and mixed-use properties. Cominar's portfolio totals 44.3 million square feet spread out across Quebec, Ontario, the Atlantic Provinces and Western Canada. Cominar's objectives are to maximize units value through proactive management and the expansion of its real estate portfolio.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST
For further information: Sylvain Cossette, President and Chief Executive Officer, Tel: (418) 681-8151, [email protected]; Gilles Hamel, CPA, CA, Executive Vice-President and Chief Financial Officer, Tel: (418) 681-8151, [email protected]