Business & Finance
Business and Finance
Business and Finance
Fri, October 19, 2012
Thu, October 18, 2012 Calloway REIT Announces Sale of Three Shopping Centres for $59.8 Million
October 18, 2012 18:44 ET
Calloway REIT Announces Sale of Three Shopping Centres for $59.8 Million
TORONTO, ONTARIO--(Marketwire - Oct. 18, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announced today it has entered into a binding purchase agreement with Retrocom REIT to sell three Ontario properties located in Scarborough, Burlington and Renfrew for a total purchase price of approximately $59.8 million.
| Property Location | Rentable Area Square Feet | Major Tenants | ||
| Scarborough, ON | 95,297 | Staples, Royal Bank | ||
| Burlington, ON | 134,225 | Future Shop, Staples | ||
| Renfrew, ON | 17,471 | LCBO, Marks Warehouse | ||
| Total Portfolio | 246,993 |
"Calloway has a program of recycling equity from non-core properties to invest in more strategic acquisitions. Following a competitive bid process conducted by a national broker, Retrocom REIT was successful in acquiring these well located and leased centres," said Al Mawani, Calloway's President and CEO.
Proceeds from the sale will be used to repay outstanding operating lines. The acquisition is expected to close in November 2012.
About Calloway
Calloway is one of Canada's largest real estate investment trusts with an enterprise value of approximately $6.2 billion. It owns and manages approximately 26 million square feet in 118 value-oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers. For more information on Calloway, visit [ www.callowayreit.com ].
