SOURCE: Smart Real Estate Investment Trust

Smart Real Estate Investment Trust

July 06, 2015 12:37 ET

Calloway REIT

TORONTO, ON--(Marketwired - July 06, 2015) - Smart Real Estate Investment Trust (formerly, Calloway Real Estate Investment Trust) ("SmartREIT") (TSX: CWT.UN) announced today that it is changing its name for trading purposes on the Toronto Stock Exchange (the "TSX") from "Calloway Real Estate Investment Trust" to "Smart Real Estate Investment Trust", expected to be effective as of July 8, 2015.

In connection with the change to SmartREIT's trading name, SmartREIT is also changing its TSX ticker symbol from "CWT.UN" to "SRU.UN", expected to be effective as of July 8, 2015.

As a result of the extension for an additional five years of the existing voting top up right in favour of Mr. Mitchell Goldhar (SmartREIT's largest unitholder) that was approved by unitholders at SmartREIT's most recent unitholder meeting, at the request of the TSX, SmartREIT also re-designated its Units as "Variable Voting Units". Such designation will cease on the termination of the voting top up right in 2020. The voting top up right is more particularly described in the management information circular dated April 27, 2015 and filed on SEDAR.

SmartREIT also announced today that on June 30, 2015 (the "Redemption Date"), it completed its previously-announced redemption of all of its remaining outstanding 5.75% convertible unsecured subordinated debentures due June 30, 2017 (the "Debentures") in accordance with their terms at a total redemption price of $1,000 plus accrued and unpaid interest of $28.75 up to but excluding the Redemption Date, both per $1,000 principal amount. As of the close of trading on June 29, 2015, the aggregate principal amount of Debentures outstanding was $3,312,000.

About SmartREIT

SmartREIT is one of Canada's largest real estate investment trusts with an enterprise value which has now grown to approximately $8.3 billion. It owns and manages in excess of 30 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets. SmartREIT's core vision is to provide a value-oriented shopping experience to Canadian consumers and over time create high quality office environments as part of mixed use developments in urban settings.

With SmartREIT's acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. Now, our alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations, and construction -- all under one roof. Our new name is a reflection of our combined capabilities: SmartREIT. For more information on SmartREIT, visit www.smartreit.ca.

Contact Information

  • For more information, please contact:

    Peter Sweeney
    Chief Financial Officer
    Smart Real Estate Investment Trust
    (905) 326-6400 ext. 7865