Calloway Real Estate Investment Trust
TSX : CWT.UN

Calloway Real Estate Investment Trust

September 26, 2011 10:04 ET

Calloway Real Estate Investment Trust Welcomes Target and Loblaws

TORONTO, ONTARIO--(Marketwire - Sept. 26, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announced today that it has entered into an agreement with Target Corporation to convert two of Calloway's four Zeller's locations into full-line Target stores. The conversion is scheduled to commence during 2012 with store openings scheduled for summer 2013. These stores are located at Hopedale Mall in Oakville, Ontario and in the Laurentian Power Centre in Kitchener, Ontario. "The introduction of Target stores to these Centres will further strengthen Calloway's high caliber portfolio of tenants" said Al Mawani, Calloway's President and CEO. "Calloway expects the increased tenant demand to enhance cash flow in these Centres and facilitate future intensification plans."

Calloway REIT also announced that it has entered into an agreement with Loblaws to convert its Penticton Power Centre Zellers location into a full-line Loblaws store. "We are pleased to expand our relationship with Loblaws in Penticton, demonstrating the strength of the location," added Mr. Mawani.

About Calloway

Calloway is one of Canada's largest real estate investment trusts with an enterprise value of $5.7 billion. It owns and manages 25 million square feet in 116 value-oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers.

Contact Information

  • Calloway Real Estate Investment Trust
    Al Mawani
    President and Chief Executive Officer
    (905) 326-6400 ext. 7649

    Calloway Real Estate Investment Trust
    Bart Munn
    Chief Financial Officer
    (905) 326-6400 ext. 7631