Cominar announces redemption of Series B Debentures

    




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

 QUÉBEC CITY, Aug. 20, 2012 /CNW Telbec/ - Cominar Real Estate Investment  Trust ("Cominar")  has exercised today its right to redeem its Series B  5.70% convertible unsecured subordinated debentures maturing on June  30, 2014 (the "Series B Debentures") in accordance with the terms of the trust indenture dated September  14, 2004 governing the Series B Debentures, as supplemented by a  supplemental indenture dated as of the 8th day of May, 2007. The  redemption of the Series B Debentures will be effective on September  19, 2012 (the "Redemption Date"). Upon redemption, Cominar will pay to the holders of Series B  Debentures a redemption price (the "Redemption Price") equal to the outstanding principal amount of the Series B Debentures  to be redeemed, together with all accrued and unpaid interest thereon  up to but excluding the Redemption Date, for a total of $1,012.65 per  $1,000 principal amount of Series B Debentures, less any taxes required  to be withheld or deducted. The aggregate principal amount of Series B  Debentures currently outstanding is $80,500,000. Cominar intends to  draw funds to pay the Redemption Price from its credit facility. 

 The Series B Debentures are listed for trading on the Toronto Stock  Exchange (the "TSX") under the trading symbol "CUF.DB.B" and may be converted in  accordance with their terms into units of Cominar (the "Units") until September 18, 2012. The Series B Debentures are convertible at  a conversion price of $27.50 for each Unit, so that approximately 36.36  Units will be issued for each $1,000 principal amount of Series B  Debentures converted. 

 As it is currently contemplated that all Series B Debentures will be  redeemed, Cominar intends to have same be delisted from the TSX at the  close of business on the Redemption Date. 

 Profile as at August 20, 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 415  high-quality properties, consisting of 82 office, 158 retail and 175  industrial and mixed-use buildings that cover a total area of 30.7  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 maximise 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 


    

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