Melcor REIT Announces Acquisition of Liberty Crossing
Acquisition Highlights - Multi-tenant retail centre located in Red Deer, Alberta with total gross leasable area of 63,328 sq. ft. on 4.72 acres - Quality constructed buildings with 100% occupancy - Weighted average remaining lease term of 4.39 years with built-in rental revenue growth - Strategically located on the Gasoline Alley traffic corridor of HWY 2 which connects Calgary to Edmonton
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 11/18/13 -- Melcor REIT (TSX: MR.UN) today announced that it has entered into an unconditional purchase agreement to acquire Liberty Crossing in Red Deer, Alberta for $13.2 million (excluding closing costs). The acquisition is expected to close on or around December 3, 2013.
Darin Rayburn, Chief Executive Officer of Melcor REIT, commented on the acquisition: "We are excited to enter Red Deer with the acquisition of Liberty Crossing. This property complements our portfolio and expands our retail offering to the growing Red Deer market, an important geographic and economic connector in Alberta."
Management expects that the acquisition will be accretive to AFFO by $0.02 per unit on an annualized basis. The acquisition will be funded through the REIT's line of credit. Following the acquisition, the REIT's Debt to Gross Book Value ratio will increase to 49%, remaining below the targeted range of 50%-55%.
Rayburn continued: "We continue to look at potential acquisitions that fit our acquisition strategy."
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties with exposure to high growth western Canadian markets. Its portfolio is currently made up of interests in 29 properties representing approximately 1.69 million square feet of gross leasable area located in and around Edmonton, Calgary, Lethbridge, and Red Deer, Alberta; Regina, Saskatchewan; and Kelowna, British Columbia. For more information, please visit .
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. 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, general and local economic and business conditions; the financial condition of tenants; the REIT's ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. The REIT's objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The REIT 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 regulators.
Contacts:
Business Contact: Melcor REIT
Darin Rayburn
Chief Executive Officer
780.423.6931
780.426.1796 (FAX)
Investor Relations: Melcor REIT
Jonathan Chia, CA
Chief Financial Officer
780.423.6931
780.426.1796 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 18.11.2013 - 08:00 Uhr
Sprache: Deutsch
News-ID 1284284
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
EDMONTON, ALBERTA
Phone:
Kategorie:
Commercial Real Estate
Anmerkungen:
Diese Pressemitteilung wurde bisher 58 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Melcor REIT Announces Acquisition of Liberty Crossing
"
steht unter der journalistisch-redaktionellen Verantwortung von
Melcor Real Estate Investment Trust (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
