Business & Finance
Business and Finance
Business and Finance
Mon, September 12, 2011 HOMBURG Canada REIT operates independently and is not part of Homburg Invest Filing
MONTREAL, Sept. 12, 2011 /CNW Telbec/ - Homburg Canada Real Estate Investment Trust (TSX: HCR.UN) (the "REIT") said today that the REIT is a fully independent entity, both operationally and financially, and is not part of the Homburg Invest Inc. application under the Company Creditors Arrangement Act.
"Homburg Canada REIT continues to follow its own strategy, which has been very successful during our first fifteen months as a publicly traded entity," said Jim Beckerleg, President and Chief Executive Officer. "We are a strong, operationally and financially independent real estate investment trust that continues to create substantial value for our unitholders."
Homburg Canada REIT is governed by its own board of trustees, the majority of whom are independent. The non-executive chairman of the Board is Karen A. Prentice, of Calgary, Alberta.
Upon the successful closing of the recently announced bought-deal offering expected to be on September 13th, Homburg Invest's ownership of REIT Units will fall to approximately 16 percent. At this level of ownership, Homburg Invest will have the right to appoint one trustee at the next annual meeting of Unitholders, as set out in the Declaration of Trust.
"It is business as usual at the REIT," added Mr. Beckerleg, "and we are currently considering a re-branding that will reflect our unique and independent position. We will keep all stakeholders informed."
S&P/TSX Small Cap Index
Homburg Canada REIT is also pleased to note that Units of the REIT will be added to the S&P/TSX Small Cap Index, effective at the close of business September 16, 2011.
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 8.0 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 the REIT's latest annual information form.
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, including its latest annual information form, which are available on SEDAR at [ www.sedar.com ].
