Melcor REIT Announces the Acquisition of an Industrial Warehouse in Lethbridge, Alberta
10 Enero 2014 - 4:57PM
Marketwired
Melcor REIT Announces the Acquisition of an Industrial Warehouse in
Lethbridge, Alberta
Acquisition Highlights
- Industrial warehouse located in Lethbridge, Alberta with total
gross leasable area of 67,610 sq. ft. on 2.89 acres
- Multi-tenant building with 100% occupancy and weighted average
remaining lease term of 4.75 years
- Provincial government tenant occupies 87% of GLA with leases
expiring in 2018 and 2019
EDMONTON, ALBERTA--(Marketwired - Jan 10, 2014) - Melcor REIT
(TSX:MR.UN) today announced that it has completed the acquisition
of LC Industrial in Lethbridge, Alberta for $5.9 million (excluding
closing costs).
Darin Rayburn, Chief
Executive Officer of Melcor REIT, commented on the acquisition: "We
are pleased to start 2014 with the acquisition of LC Industrial.
This acquisition adds depth to our industrial property offering
while adhering to our strategy of growing in the markets that we
know best in order to leverage existing market knowledge. LC
Industrial is a well-built asset, providing unitholders with strong
and stable cash flows on an AFFO accretive basis."
Management expects
that the acquisition will be accretive to AFFO by $0.012 per unit
on an annualized basis. The acquisition was funded through the
REIT's line of credit and available cash. Following the acquisition
the REIT's Debt to Gross Book Value ratio increased to 50%, within
our targeted range of 50%-55%.
Liberty Crossing
Melcor REIT closed
on the acquisition of Liberty Crossing in Red Deer, Alberta, a
multi-tenant retail centre, with total GLA of 63,328 sq. ft. on
4.72 acres, on December 24, 2013.
About Melcor
REIT
Melcor REIT is an
unincorporated, open-ended real estate investment trust. Melcor
REIT owns, acquires, manages and leases quality retail, office and
industrial income-generating properties with exposure to high
growth western Canadian markets. Its portfolio is currently made up
of interests in 30 properties representing approximately 1.76
million square feet of gross leasable area located in and around
Edmonton, Calgary, Lethbridge, and Red Deer, Alberta; Regina,
Saskatchewan; and Kelowna, British Columbia. For more information,
please visit www.MelcorREIT.ca.
Forward-Looking
Statements
This press
release may contain forward-looking information within the meaning
of applicable securities legislation, which reflects the REIT's
current expectations regarding future events. 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 the
REIT's control, that could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward-looking information. Such risks and uncertainties
include, but are not limited to, general and local economic and
business conditions; the financial condition of tenants; the REIT's
ability to refinance maturing debt; leasing risks, including those
associated with the ability to lease vacant space; and interest
rate fluctuations. The REIT's objectives and forward-looking
statements are based on certain assumptions, including that the
general economy remains 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. The
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 the REIT's filings with securities
regulators.
Business Contact: Melcor REITDarin RayburnChief Executive
Officer780.423.6931info@melcorREIT.caInvestor Relations: Melcor
REITJonathan Chia, CAChief Financial
Officer780.423.6931ir@melcorREIT.cawww.MelcorREIT.ca
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