Canadian Real Estate Investment Trust

Canadian Real Estate Investment Trust

October 24, 2005 18:06 ET

Canadian Real Estate Investment Trust Acquires Calgary Industrial Property

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2005) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced that it has acquired from Hopewell Development Corporation ("HDC"), a 254,000 square foot recently constructed industrial property on an 11.56-acre site located at 555 - 69th Avenue South East, Calgary, Alberta, for a price of $15.5 million. The property is 100% leased.

Stephen Johnson, President and Chief Executive Officer of CREIT, said, "This is the first acquisition under a program with Hopewell. HDC is a well-respected merchant developer, focused on the development of new industrial and retail properties in several of the markets where CREIT is targeting growth, including Alberta."

Over the past several years CREIT has focused on increasing its industrial portfolio in Calgary and Edmonton. CREIT now owns and operates an industrial portfolio of approximately 3.5 million square feet in Alberta.

Mr. Johnson added, "With our high-quality industrial portfolio, and given the very positive outlook for the Alberta economy, CREIT is well-positioned to benefit from high occupancy levels and solid rental levels for the next several years."

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 cash distribution. CREIT owns a portfolio of more that 130 retail, office, and industrial properties.

Contact Information