WINNIPEG, June 3 /CNW/ - Temple Real Estate Investment Trust ("TREIT")
(TSX Venture: TR.UN) announced today it has completed the previously announced
acquisition of the Best Western Wayside Inn & Suites, a 130-room, full service
hotel situated at 5411 - 44 Street, (the Yellowhead Highway) in Lloydminster,
Alberta. The six-storey property also contains banquet and conference
facilities for up to 450 people, licensed restaurant, cocktail lounge, liquor
store, indoor swimming pool and fitness centre.
The acquisition price of $22.5 Million, subject to the usual closing
adjustments, was funded entirely in cash on an interim basis. TREIT is in the
process of finalizing 5-year first mortgage financing in the amount of
$14.4 Million, with an estimated interest rate of 6.25%.
TREIT will undertake a $1.5 Million capital expenditure program
consisting primarily of refurbishment of the rooms, restaurant and the banquet
and conference facilities.
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 11,223,095 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,