TORONTO, Dec. 27, 2012 /CNW/ - KEYreit (TSX: KRE.UN) today provided an update on its previously disclosed claim for a portion of the proceeds of sales of certain locations formerly tenanted by Priszm Income Fund ("Priszm"). The Ontario Superior Court has rendered a decision that the claims of Priszm's secured creditor take priority to the lease compensation claims advanced by KEYreit and therefore KEYreit is not entitled to any sales proceeds generated by the sales of Priszm's restaurant operations. KEYreit is reviewing the decision and is considering all options available to it, including a possible appeal.
KEYreit (TSX: KRE.UN) (formerly Scott's Real Estate Investment Trust) is Canada's premier small-box retail property owner with 227 properties in nine provinces across Canada. KEYreit's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases.
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