TORONTO, ONTARIO--(Marketwire - July 2, 2008) - Canadian Real Estate Investment Trust (TSX:REF.UN) (CREIT) announced today that it has acquired an effective 50% interest in an industrial portfolio located in Calgary, Alberta (the Portfolio) for a total purchase price of $41,750,000.
The Portfolio is comprised of four (4) industrial properties and one (1) parcel of land, all of which are clustered in the Eastlake Industrial Centre in Southeast Calgary. The total leasable area is 760,000 square feet on 43 acres of land (both at 100%). The Portfolio is 100% leased with an average remaining lease term of ten (10) years, including the parcel of land which is leased to Chevron Canada on a fifteen (15) year term.
Over the course of 2006-2008, development of each property was facilitated through CREIT's mezzanine lending program. As the development of each property was completed, CREIT acquired an initial 50% interest. With the closing of this transaction, CREIT's ownership interest in the Portfolio is 100%.
Over the past several years CREIT has focused on increasing the size and quality of its industrial portfolio in Calgary and Edmonton. CREIT now owns and operates an industrial portfolio of approximately 4.5 million square feet in Alberta.
CREIT is a real estate investment trust that is dedicated to accumulating a portfolio of high quality real estate assets, and delivering the benefits of real estate ownership to unitholders. The primary benefit is a reliable, and over time, increasing monthly cash distribution. CREIT owns a real estate portfolio in excess of 150 retail, industrial and office properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Real Estate Investment Trust
Vice President, Investments