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Charter Real Estate Investment Trust (TSX-V: CRH.UN) acquires shopping centre in Châteauguay (Montréal) |
11/30/2007 |
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Toronto: Charter Real Estate Investment Trust (“Charter REIT”) is pleased to announce that it has completed the acquisition of a shopping centre located at 160–180 Anjou Boulevard in Châteauguay (Montréal), Québec (the “Property”) for an aggregate purchase price before closing costs of $14.2 million (the “Acquisition”).
Property description: The Property is a two-storey, 115,758 square-foot mixed-use retail property. The Property is currently 100% leased with a total of 69,137 square feet of ground level space leased to retail tenants, while the remaining 46,621 square feet is leased to primarily government tenants on the second floor. The Property is strategically located in the heart of Châteauguay’s commercial district on the south shore of Montréal, and is surrounded by Centre Regional Châteauguay to the east (an enclosed shopping centre owned and managed by RioCan REIT) and a free-standing Canadian Tire store to the west. The Property is anchored by Business Depot (25,855 s.f.), Cineplex Odeon (15,000 s.f.) and Yellow Group (10,240 s.f.), as well as Société Immobilière du Québec (28,350 s.f.) on the second floor.
Property acquisition: The estimated going-in yield for the Acquisition on an unlevered basis is approximately 8.05% before closing costs. Charter REIT obtained a standard first mortgage loan in the amount of $9.0 million, secured by the Property (the “Loan”). The Loan is for a 5-year term with a 25-year amortization period. The Loan bears interest at a rate of 5.394%. The remainder of the Acquisition was financed by Charter REIT drawing down on its operating/acquisition facility.
Charter REIT: Charter Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring a portfolio of retail and mixed-use retail real estate comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada, with the principal goal of generating a reliable and growing yield for its investors. Charter REIT owns six commercial real estate properties located in Ontario and Québec.
More information: Ari Silverberg, President and Chief Operating Officer
Telephone: (416) 364-5705, Facsimile: (416) 861-8166
The TSX Venture Exchange does not accept responsibility for the adequacy of this press release.
This press release contains forward-looking statements. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Charter REIT undertakes no obligation to update such statements except as required by law.
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