/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
QUEBEC CITY,
Oct. 30, 2012 /CNW Telbec/ - Cominar
Real Estate Investment Trust ("Cominar") (TSX: CUF.UN)
announces that it has entered into an agreement regarding the sale
of its 10% minority interest in Penn West Plaza, an office building
located at 207-209 9th Avenue S.W. in Calgary, Alberta, to Morguard Real Estate
Investment Trust ("Morguard") for a purchase price of
approximately $37.7 million, subject
to adjustments.
Michel Dallaire,
Cominar's president and chief executive officer stated, "After
reviewing the portfolio of assets we acquired in the Canmarc REIT
transaction, we concluded that we did not wish to retain a minority
position in Penn West Plaza and are pleased with our agreement with
Morguard, which we view as a win for both parties as a result of
the transaction entered into between Morguard and DEGI, of
Germany."
The transaction is expected to close on or about
October 31, 2012 and conditions,
other than customary closing conditions, have now been
satisfied.
PROFILE as at October 30,
2012
Cominar is the third largest diversified real
estate investment trust in Canada
and currently remains the largest commercial property owner in the
Province of Québec. Cominar owns a real estate portfolio of 482
high-quality properties, consisting of 123 office, 158 retail and
201 industrial and mixed-use buildings that cover a total area of
35.0 million square feet in Québec, Ontario, the Atlantic Provinces and
Western Canada. Cominar's
objectives are to pay growing cash distributions to unitholders and
to maximize unitholder value by way of proactive management and the
expansion of its portfolio.
Forward-Looking Statements
This press release may contain forward-looking
statements with respect to Cominar and its operations,
strategy, financial performance and financial condition. These
statements generally can be identified by the use of
forward-looking words such as "may", "will", "expect",
"estimate", "anticipate", "intend", "believe" or "continue" or the
negative thereof or similar variations. The actual results
and performance of Cominar discussed herein could differ
materially from those expressed or implied by such statements.
Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual
results to differ materially from expectations include, among
other things, general economic and market factors,
competition, changes in government regulation and the factors
described under "Risk Factors" in the Annual Information Form
of Cominar. The cautionary statements qualify all forward-looking
statements attributable to Cominar and persons acting on its
behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release.
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST