Business & Finance
Business and Finance
Business and Finance
Mon, March 21, 2011 HOMBURG CANADA REAL ESTATE INVESTMENT TRUST CLOSES $11.65 MILLION ACQUISITION OF CARREFOUR LES SAULES IN QUEBEC CITY
MONTREAL, March 21 /CNW Telbec/ - Homburg Canada Real Estate Investment Trust (TSX: HCR.UN) (the "REIT") announced today that it has closed the third of three previously announced $96 million transactions to acquire properties in the retail segment of the market. The REIT has closed the transaction to acquire Carrefour Les Saules, a 159,138-square-foot community shopping centre located in Quebec City.
The $11.65 million gross purchase price was satisfied through the assumption of the $6.28 million debt in place on the property and the use of cash on hand.
Carrefour Les Saules
Carrefour Les Saules is a 159,138-square-foot community shopping centre located in the centre of Quebec City, in an established community designated as "Les Rivières," near the intersection of Highway 40 and Highway Henri IV. Located on 13.65 acres of land, the shopping centre comprises 159,138 square feet of gross leasable area, including 36,952 square feet of office space, and 850 parking stalls. Carrefour Les Saules is 100% leased. Major tenants include Provigo, Bell Canada, Hart Stores and Jean Coutu, and account for 77% of the centre's gross leasable area.
About Homburg Canada Real Estate Investment Trust
Homburg Canada Real Estate Investment Trust is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Quebec. Managed internally, the REIT owns a portfolio of Canadian income-producing commercial properties, consisting mainly of retail and office properties with certain industrial properties, as well as certain income-producing multi-family residential properties. The properties comprise approximately 7.5 million square feet of commercial gross leasable area and 1,725 multi-family residential units located in Quebec, Atlantic Canada, Western Canada and Ontario.
Forward-looking Statements
This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in its IPO prospectus, dated May 14, 2010.
The REIT's objectives and forward-looking statements are based on certain assumptions, including that (i) the REIT will receive financing on favourable terms; (ii) the future level of indebtedness of the REIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting the REIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on the REIT's operations, including its financing capacity and asset value, will remain consistent with the REIT's current expectations; (v) the performance of the REIT's investments in Canada will proceed on a basis consistent with the REIT's current expectations; and (vi) capital markets will provide the REIT with readily available access to equity and/or debt.
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The REIT, except as required by applicable securities legislation, does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulatory authorities, which are available on SEDAR at [ www.sedar.com ].
