Cominar announces sale of Dyne Holdings Limited

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QUEBEC CITY, May 22, 2013 /CNW Telbec/ - Cominar Real Estate Investment Trust 
("Cominar") (TSX: CUF.UN) announced today that it has sold its interest in 
Dyne Holdings Limited ("Dyne") to Homburg International Limited. Dyne was an 
indirect subsidiary of Canmarc Real Estate Investment Trust ("Canmarc"), 
acquired by Cominar in 2012. The sale was completed for nominal consideration 
and the reimbursement of certain shareholder advances. This transaction will 
allow Cominar to remove Dyne's liabilities from its balance sheet. 
Dyne's assets include the Holman Grand Hotel (the "Hotel"), an 80 room 
boutique style hotel located in Charlottetown, Prince Edward Island. Dyne is 
indebted to the Prince Edward Island Century 2000 Fund Inc. (the "Century 
Fund") under a secured loan in the amount of $14.7 million contracted by Dyne 
in November 2008 to finance the construction of the Hotel (the "Hotel Loan"). 
The Hotel Loan was guaranteed by Homburg Invest Inc. ("HII"). The Hotel was 
acquired from Dyne by HII in April of 2010, while it was still under 
construction. The Hotel Loan was thereafter assumed by HII, which agreed to 
indemnify Dyne in connection with same. However, Dyne was never released from 
its obligations under the Hotel Loan, and remained liable for the debt. Dyne's 
assets also include certain other commercial properties known as the 
Confederation Court Complex (160,000 square feet) including The National Bank 
Tower, BDC Place (64,000 square feet) and The Homburg Financial Tower (34,000 
square feet) located in Charlottetown, Prince Edward Island which have been 
given as security for other borrowings of Dyne aggregating $17.9 million. 
HII filed for protection under the Companies' Creditors Arrangement Act (the 
"CCAA") on September 9, 2011. On November 30, 2012, HII terminated the ground 
lease entered into in connection with the Hotel and the ownership of the Hotel 
reverted to Dyne. The Hotel is presently closed. 
In addition to the Hotel Loan, various claims are being asserted in connection 
with the construction of the Hotel, including against Dyne. 
Construction-related trade payables alleged to be secured by liens on the 
Hotel total approximately $4.1 million. 
Losses with respect to Dyne's investment were previously accounted for in 
Cominar. 
Mr. Michel Dallaire, Cominar's President and Chief Executive Officer, said: 
"We are pleased with this outcome and wish the best for the Homburg 
International Group and the Charlottetown community." 
PROFILE as at May 22, 2013 
Cominar is the third 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 498 high-quality 
properties, consisting of 121 office, 156 retail and 221 industrial and 
mixed-use buildings with a leasable area of approximately 36.8 million square 
feet spread out across 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 integrated, 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. Sylvain Cossette Executive Vice President and Chief Operating Officer, 
Cominar Real  Estate Investment Trust (418) 681-6300 ext. 2245 
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 
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CO: COMINAR REAL ESTATE INVESTMENT TRUST
ST: Prince Edward Island
NI: REL REL FIN MNA  
-0- May/22/2013 21:42 GMT
 
 
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