/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN
TORONTO, Oct. 9 /CNW/ - (TSX - RMM.UN) - Retrocom Mid-Market Real Estate
Investment Trust (the "REIT") has now completed a number of previously
announced transactions, including the sale transaction of six properties in
Kingston, ON, thereby fully repaying the REIT's operating line and leaving it
with an estimated cash balance of $10 million.
The sale of the six Kingston properties closed on Friday October 5th,
2007 for proceeds of $12.5 million, which were used primarily to pay down
debt, including the extinguishment of the operating line.
The REIT is also pleased to announce the completion of two successful
recent refinancings. New first mortgages were placed on Carry Plaza in
Medicine Hat, AB and City Centre Mall, located in Thompson, MB with a combined
balance of $17.3 million, which was used to pay down the previous mortgages
and the REIT's operating line, and to increase the REIT's working capital.
Following the completion of the above noted transactions, the REIT now
has $10 million of cash for working capital purposes, to be used to continue
to invest in the remainder of the portfolio and to potentially repurchase
units through the previously approved Normal Course Issuer Bid, now that the
Operating Line has been fully repaid.
Retrocom REIT is also pleased to announce the recent hiring of Ms. Sandy
Ardern as Chief Financial Officer. Ms. Ardern, a Queen's University graduate
and a Chartered Accountant, has almost 20 years of real estate experience in
the areas of accounting and finance, most recently with another Canadian REIT.
"Sandy is a welcome addition to the REIT's management team and I am sure we
will benefit greatly from her real estate, and in particular, REIT
experience," said David Fiume, Chief Executive Officer.
Retrocom Mid-Market REIT is an Ontario unincorporated open-end real
estate investment trust that focuses on owning and acquiring mid-market
commercial properties in primary and secondary cities across Canada with the
objective of producing a geographically diversified portfolio of properties
with stable and growing cash flows.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy Units of the REIT, which may be made only by
means of a prospectus, nor shall there be any sale of the Units in any state,
province or other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under securities laws of
any such state, province or other jurisdiction. The Units of the REIT have not
been, and will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered, sold or delivered in the United States absent
registration or an application for exemption from the registration
requirements of U.S. securities laws.
Certain statements contained in this news release may include
forward-looking information with respect to Retrocom Mid-Market Real Estate
Investment Trust's operations and future financial results. Such statements
are based on current expectations, are subject to a number of uncertainties
and risks, and actual results may differ materially from those contained in
such statements. These uncertainties and risks include, but are not limited
to, availability of resources, competitive pressures, changes in market
activity and regulatory requirements. Further information can be found in the
disclosure documents filed by Retrocom Mid-Market Real Estate Investment Trust
with the securities regulatory authorities, available at www.sedar.com.
For further information:
For further information: David Fiume, Chief Executive Officer, Retrocom
Mid-Market REIT, Tel: (416) 741-7999, Fax: (416) 741-7993