WINNIPEG, March 12 /CNW/ - Temple Real Estate Investment Trust ("TREIT")
(TSX Venture: TR.UN) announced today that it has renewed a $3.3 Million first
mortgage loan tranche on the Temple Gardens Mineral Spa Resort Hotel, which
matured on February 1, 2008. The first mortgage loan tranche was renewed at an
interest rate of 5.06% (previously 6.16%) for a five-year term.
The renewal of the $3.3 Million first mortgage loan represents
approximately 30% of the mortgage debt maturing during 2008. The remaining
$8 Million of maturing mortgage debt will come due for renewal in November,
TREIT's current mortgage loan balance is $132.3 Million, with a weighted
average interest rate of 6.36% and a weighted average term to maturity of
TREIT is a real estate investment trust, which is listed on the TSX
Venture Exchange under the symbol TR.UN. The objective of TREIT is to provide
Unitholders with stable cash distributions from investment in a geographically
diversified Canadian portfolio of hotel properties and related assets. There
are currently 10,011,247 trust units outstanding. For further information on
TREIT, please visit our website at www.treit.ca.
This press release contains certain statements that could be considered
as forward-looking information. The forward-looking information is subject to
certain risks and uncertainties, which could result in actual results
differing materially from the forward-looking statements.
The TSX Venture Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for the adequacy or
accuracy of this press release.
For further information:
For further information: Arni Thorsteinson, Chief Executive Officer, or
Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax: (204) 452-5505,