Dundee International REIT announces update on Deutsche Post leases

 Dundee International REIT announces update on Deutsche Post leases  This news release contains forward looking information that is based upon  assumptions and is subject to risks and uncertainties as indicated in the  cautionary note contained within this press release.  TORONTO, June 24, 2013 /CNW/ - DUNDEE INTERNATIONAL REIT (DI.UN - TSX)  announced today that it is currently in discussions with Deutsche Post in  respect of its 2014 lease termination rights. Deutsche Post has the right to  terminate leases in respect of59 properties in Dundee International REIT's  portfolio, effective July 1, 2014, provided that it provides notice by June  30, 2013. Deutsche Post has exercised such right in respect of five  properties, comprising an aggregate gross leasable area of 613,000 square feet  and contributing approximately 3.2% to the REIT's current GRI.The REIT is  continuing its discussions with Deutsche Post in respect of the remaining 54  properties subject to termination rights, and has agreed with Deutsche Post to  extend the deadline for providing notice of termination to August 31, 2013 in  order to explore mutually beneficial alternatives with Deutsche Post. The  REIT's team in Germany will focus its efforts to release the space in these  five terminated properties, andwill alsopursue dispositionand  redevelopment opportunities.  "Diversifying our portfolio and improving the quality of our long-term cash  flow remains a key objective for Dundee International REIT. With approximately  $864 million of acquisitions completed and under contract year-to-date, we  have transformed our asset base, added globally recognized names to our tenant  roster and reduced the contribution from our largest tenant Deutsche Post from  approximately 65% of the Trust's overall GRI at the beginning of 2013 to  approximately 38%," said Jane Gavan, CEO of the REIT.  Dundee International REIT is an unincorporated, open-ended real estate  investment trust that provides investors with the opportunity to invest in  commercial real estate exclusively outside of Canada. Dundee International  REIT's portfolio currently consists of approximately 15.2 million square feet  of gross leasable area of office, industrial and mixed use properties across  Germany. For more information, please visit www.dundeeinternational.com.  This press release may contain forward-looking information within the meaning  of applicable securities legislation. 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 Dundee International REIT's control  that could cause actual results to differ materially from those that are  disclosed in or implied by such forward-looking information. These risks and  uncertainties include, but are not limited to, global and local economic and  business conditions; the financial condition of tenants; our ability to  refinance maturing debt; leasing risks, including those associated with the  ability to lease vacant space; and interest and currency rate functions.  Although the REIT is in discussions with Deutsche Post, there can be no  assurance that Deutsche Post will not terminate additional leases pursuant to  its 2014 lease termination rights. Our objectives and forward-looking  statements are based on certain assumptions, including that the Canadian and  German economies remain 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. Dundee International 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 Dundee International REIT's filings with  securities regulators, including its latest annual information form and MD&A.  These filings are also available at Dundee International REIT's website at  www.dundeeinternational.com.  Michael J. Cooper Vice Chairman (416) 365-5145 mcooper@dundeeinternational.com  P. Jane Gavan President and Chief Executive Officer (416) 365-6572  jgavan@dundeeinternational.com  Rene D. Gulliver Chief Financial Officer (416) 365-5447  rgulliver@dundeeinternational.com  SOURCE: Dundee International REIT  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/June2013/24/c2933.html  CO: Dundee International REIT ST: Ontario NI: REL  
Press spacebar to pause and continue. Press esc to stop.