Melcor REIT Announces Acquisition of Coast Home Centre
12 Septembre 2013 - 2:30PM
Marketwired
Acquisition Highlights
-- Retail centre located in Edmonton, Alberta with total gross leasable
area of 59,725 sq. ft. on 4.21 acres
-- Well-maintained buildings with 100% occupancy and future re-development
potential
-- Strategically located on the 170thStreet traffic corridor in a strong
sub-market
-- Positioned to benefit from new development and re-development in the
area
Melcor REIT (TSX:MR.UN) today announced that it has completed
the acquisition of Coast Home Centre in Edmonton, Alberta for $12.3
million (excluding closing costs).
Darin Rayburn, Chief Executive Officer of Melcor REIT, commented
on the acquisition: "We are pleased to add Coast Home Centre to our
portfolio. This acquisition fits well with our strategy of growing
in the markets that we know best in order to leverage existing
market knowledge. Coast is a quality asset in a prime, high traffic
location."
Management expects that the acquisition will be accretive to
AFFO by $0.02 per unit on an annualized basis. The acquisition was
funded through the REIT's line of credit and available cash.
Following the acquisition the REIT's Debt to Gross Book Value ratio
remains at 47%.
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 28 properties
representing approximately 1.63 million square feet of gross
leasable area located in and around Edmonton, Calgary, and
Lethbridge, Alberta; Regina, Saskatchewan; and Kelowna, British
Columbia. For more information, please visit www.MelcorREIT.ca.
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 780.423.6931info@melcorREIT.ca Investor
Relations: Melcor REIT Jonathan Chia, CA Chief Financial Officer
780.423.6931ir@melcorREIT.ca www.MelcorREIT.ca
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