Cominar announces acquisition of a portfolio of 18 industrial properties and one office property for $149.8 million

Cominar announces acquisition of a portfolio of 18 industrial properties and 
one office property for $149.8 million 
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./ 
Transaction Highlights 


    --  Acquisition of 18 industrial properties primarily located on
        the South Shore of Montréal and one office property, totalling
        approximately 1.8 million square feet of leasable area, for
        $149.8 million
    --  Cluster of high quality industrial properties, the majority of
        which are "new generation" buildings or have been renovated, in
        the South Shore market which outperforms the Montreal market
    --  Strengthens Cominar's position on the South Shore of Montréal,
        enabling it to achieve enhanced operational synergies in this
        market place
    --  High quality office building located in Montréal
    --  Capitalisation rate of approximately 7.0%, allowing Cominar to
        deliver accretion to its unitholders
    --  Portfolio occupancy rate: 97.2%

QUÉBEC CITY, Jan. 31, 2013 /CNW Telbec/ - Cominar Real Estate Investment 
Trust ("Cominar") is pleased to announce the acquisition of a high-quality 
portfolio of 18 industrial properties primarily located on the South Shore of 
Montréal and one office property located in Montréal, for a purchase price 
of $149.8 million, subject to certain closing adjustments. The portfolio 
represents a total of approximately 1.8 million square feet of leasable area, 
consisting of approximately 1.7 million square feet of industrial space and 
approximately 0.1 million square feet of office space. As part of this 
transaction, Cominar also acquired a vacant lot of 173,569 square feet located 
in Saint-Bruno-de-Montarville, for $1.4 million. The portfolio has an 
occupancy rate of 97.2%.

Mr. Michel Dallaire, Cominar's President and Chief Executive Officer, said: 
"We are most excited by this acquisition which strengthens Cominar's position 
on the South Shore of Montréal, which will enable us to better serve the 
needs of our clients and to achieve enhanced operational synergies."

Mr. Sylvain Cossette, Executive Vice-President and Chief Operating Officer of 
Cominar, added: "We are pleased with the addition to Cominar's portfolio of 
these high quality properties, the majority of which are "new generation" 
buildings or have been renovated with clear ceiling height of 24 feet or more. 
This acquisition represents a capitalisation rate of approximately 7.0% which 
allows Cominar to deliver accretion to its unitholders."

PROFILE as at January 31, 2013

Cominar is the second largest diversified real estate investment trust in 
Canada and currently remains the largest commercial property owner in the 
Province of Québec. Cominar owns a real estate portfolio of 501 high-quality 
properties, consisting of 124 office, 158 retail and 219 industrial and 
mixed-use buildings that cover a total area of 36.7 million square feet in 
Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's 
objectives are to pay growing cash distributions to unitholders and to 
maximize unitholder value by way of proactive management and the expansion of 
its portfolio.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to 
Cominar and its operations, strategy, financial performance and financial 
condition. These statements generally can be identified by the use of 
forward-looking words such as "may", "will", "expect", "estimate", 
"anticipate", "intend", "believe" or "continue" or the negative thereof or 
similar variations. The actual results and performance of Cominar discussed 
herein could differ materially from those expressed or implied by such 
statements. Such statements are qualified in their entirety by the inherent 
risks and uncertainties surrounding future expectations. Some important 
factors that could cause actual results to differ materially from 
expectations include, among other things, general economic and market 
factors, competition, changes in government regulation and the factors 
described under "Risk Factors" in the Annual Information Form of Cominar. 
The cautionary statements qualify all forward-looking statements attributable 
to Cominar and persons acting on its behalf. Unless otherwise stated, all 
forward-looking statements speak only as of the date of this press release.

Mr. Michel Dallaire, P.Eng. President and Chief Executive Officer, Cominar 
Real Estate Investment  Trust (418) 681-8151

Mr. Michel Berthelot Executive Vice President and Chief Financial Officer, 
Cominar Real  Estate Investment Trust (418) 681-6300 ext. 2266

SOURCE: COMINAR REAL ESTATE INVESTMENT TRUST

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/January2013/31/c2333.html

CO: COMINAR REAL ESTATE INVESTMENT TRUST
ST: Quebec
NI: FND MNA 

-0- Feb/01/2013 01:30 GMT


 
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