Cominar announces acquisition of a portfolio of 18 industrial
properties and one office property for $149.8 million
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
Transaction Highlights
- Acquisition of 18 industrial properties primarily located on
the South Shore of Montréal and one office property, totalling
approximately 1.8 million square feet of leasable area, for
$149.8 million
- Cluster of high quality industrial properties, the majority
of which are "new generation" buildings or have been renovated, in
the South Shore market which outperforms the Montreal market
- Strengthens Cominar's position on the South Shore of
Montréal, enabling it to achieve enhanced operational synergies in
this market place
- High quality office building located in Montréal
- Capitalisation rate of approximately 7.0%, allowing Cominar
to deliver accretion to its unitholders
- Portfolio occupancy rate: 97.2%
QUÉBEC CITY, Jan. 31,
2013 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") is pleased to announce the acquisition of a
high-quality portfolio of 18 industrial properties primarily
located on the South Shore of Montréal and one office property
located in Montréal, for a purchase price of $149.8 million, subject to certain closing
adjustments. The portfolio represents a total of approximately 1.8
million square feet of leasable area, consisting of approximately
1.7 million square feet of industrial space and approximately 0.1
million square feet of office space. As part of this transaction,
Cominar also acquired a vacant lot of 173,569 square feet located
in Saint-Bruno-de-Montarville, for
$1.4 million. The portfolio has an
occupancy rate of 97.2%.
Mr. Michel
Dallaire, Cominar's President and Chief Executive Officer,
said: "We are most excited by this acquisition which strengthens
Cominar's position on the South Shore of Montréal, which will
enable us to better serve the needs of our clients and to achieve
enhanced operational synergies."
Mr. Sylvain
Cossette, Executive Vice-President and Chief Operating
Officer of Cominar, added: "We are pleased with the addition to
Cominar's portfolio of these high quality properties, the majority
of which are "new generation" buildings or have been renovated with
clear ceiling height of 24 feet or more. This acquisition
represents a capitalisation rate of approximately 7.0% which allows
Cominar to deliver accretion to its unitholders."
PROFILE as at January 31,
2013
Cominar is the second 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 501
high-quality properties, consisting of 124 office, 158 retail and
219 industrial and mixed-use buildings that cover a total area of
36.7 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