Canadian Real Estate Investment Trust
TSX : REF.UN

Canadian Real Estate Investment Trust

February 01, 2007 17:51 ET

Canadian Real Estate Investment Trust Sells 50% Interest in Toronto Office Complex

TORONTO, ONTARIO--(CCNMatthews - Feb. 1, 2007) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced that it has sold a 50% interest in 175 Bloor Street East, Toronto, Ontario to a wholly-owned subsidiary of a Canadian pension fund.

The sale price was $87.5 million. CREIT will recognize an accounting gain on the sale of the 50% interest of approximately $11.4 million.

175 Bloor is a Class "A" office property comprised of two towers with a total leasable area of approximately 580,000 square feet. CREIT acquired the property in July, 2002.

Stephen Johnson, President and Chief Executive Officer of CREIT, said "This transaction is consistent with our strategic initiative to sell a 50% interest in each of our major office properties to an institutional partner."

CREIT will maintain full leasing and management responsibilities on behalf of the co-ownership.

Mr. Johnson continued, "One of the factors that must be appropriately managed as we execute our office co-ownership strategy is the timely redeployment of proceeds; and CREIT is now well positioned to complete the 175 Bloor transaction as a result of our 2006 acquisition activities."

CREIT had an active year in 2006 with respect to acquisitions, completing $205 million of high quality investments.



CREIT's 2006 acquisitions included:

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Ownership
Square Interest Acquisition
Date Footage (1) Acquired Cost
Property Acquired (sq.ft.) (%) ($ millions)
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5664 - 69th Avenue SE
Calgary, AB (Industrial) Nov/03/06 309,274 100.0 20.9
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410 Business Centre
Brampton, ON (Industrial) Nov/01/06 300,458 100.0 25.9
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Carrefour de la Rive-Sud
Shopping Centre,
Boucherville, QC
(Retail) Sep/28/06 506,726 50.0 74.2
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4055 - 106th Avenue
Calgary, AB (Land) Aug/31/06 Land 50.0 0.4
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10775 - 42 St. E.
Calgary, AB (Industrial) Aug/31/06 86,974 50.0 4.5
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London North Shopping
Centre London, ON
(Retail) (2) Jul/25/06 321,353 50.0 25.9
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7455-7465 Birchmount
Road Markham, ON
(Industrial) Jun/20/06 291,338 66.7 13.9
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Walker Square
Windsor, ON (Retail) Jun/01/06 132,978 100.0 28.5
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Woodside II & III
Markham, ON (Retail) May/31/06 13,500 50.0 3.5
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160 Williams Avenue
Dartmouth, NS (Land) Apr/24/06 Land 100.0 0.8
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125, 129, 135 & 139
Blvd Du Plateau
Gatineau, QC (Retail) Mar/20/06 50,053 50.1 5.1
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Prince Albert Development
Lands Prince Albert, SK
(Land) Feb/01/06 Land 50.0 1.4
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TOTALS 2,012,654 205.0
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Notes:

(1) Reflective of 100% of the square footage.

(2) Square footage stated as at December 31, 2006. On closing, the property
totalled approximately 286,700 square feet and is expected to total
approximately 452,500 square feet upon full development.


CREIT is a real estate investment trust focussed on 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 portfolio in excess of 140 retail, office and industrial properties.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances.

Contact Information

  • Canadian Real Estate Investment Trust
    Stephen Johnson
    President & Chief Executive Officer
    (416) 628-7878
    Email: sjohnson@creit.ca
    or
    Canadian Real Estate Investment Trust
    Tim McSorley
    Vice President & Chief Financial Officer
    (416) 628-7790
    Email: tmcsorley@creit.ca
    Website: www.creit.ca