Cominar announces closing of acquisition of 68 real estate assets from GE Capital Real Estate

    




 /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE  U.S./ 

 QUEBEC CITY, Sept. 14, 2012 /CNW Telbec/ - Cominar Real Estate  Investment Trust ("Cominar")  announces today that it has closed its previously  announced acquisition of a portfolio of 68 properties in Montréal,  Québec City and Ottawa from GE Capital Real Estate's Canadian equity  platform comprising a total of 4.3 million square feet (the "Acquisition"). The acquired portfolio consists of 14 office buildings (1.5 million  square feet) and one vacant land parcel (3.4 acres) in Ottawa, 23  office properties (1.2 million square feet) and 23 industrial  properties (1.3 million square feet) in Montréal and 4 office  properties (200 thousand square feet) and 3 industrial properties (53  thousand square feet) in Québec City. 

 Enhanced Geographic Diversification 

 The Acquisition will increase Cominar's asset base by approximately 14%  to 35 million square feet and has a meaningful impact on the REIT's  geographic diversification profile, increasing its Ontario net  operating income ("NOI") contribution from 5% to 11%. 

 Accretive transaction 

 The Acquisition is expected to be immediately accretive to Cominar's  adjusted funds from operations per unit. In addition, the Montréal  properties acquired provide an attractive opportunity for further  revenue and NOI growth through improved occupancy. 

 Ottawa Office Portfolio 

 The Ottawa office portfolio consists of 14 office properties totaling  1.5 million square feet and one vacant land parcel totaling 3.4 acres.  The weighted-average occupancy of this portfolio is 98.5% with a  weighted-average lease term of 4.1 years. 

 Québec Portfolio 

 Montréal Portfolio 

 The Montréal  portfolio consists of 23 office properties totaling 1.2  million square feet and 23 industrial properties totaling 1.3 million  square feet. The weighted-average occupancy of this portfolio is 86.6%  with a weighted-average lease term of 3.5 years. As such, there is a  potential for additional upside from improved occupancy in Montréal. 

 Québec City Portfolio 

 The Québec City portfolio consists of 4 office properties totaling 0.2  million square feet and 3 industrial properties totaling 53 thousand  square feet. The weighted-average occupancy of this portfolio is 89.8%  with a weighted-average lease term of 3.8 years. 

 PROFILE as at September 14, 2012 

 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 482  high-quality properties, consisting of 123 office, 158 retail and 201  industrial and mixed-use buildings that cover a total area of 35.0  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. 

COMINAR REAL ESTATE INVESTMENT TRUST


CONTACT:  Mr. Michel Dallaire, P.Eng.President and Chief Executive Officer, Cominar Real Estate InvestmentTrust(418) 681-8151Mr. Michel BerthelotExecutive Vice President and Chief Financial Officer, Cominar RealEstate Investment Trust(418) 681-6300 ext. 2266 


    

Copyright