Canadian Real Estate Investment Trust
TSX : REF.UN

Canadian Real Estate Investment Trust

June 01, 2006 14:51 ET

Canadian Real Estate Investment Trust Acquires Windsor Retail Property

TORONTO, ONTARIO--(CCNMatthews - June 1, 2006) - Canadian Real Estate Investment Trust ("CREIT")(TSX:REF.UN) today announced that it has acquired a new format unenclosed retail property in the City of Windsor, Ontario for a price of $28.0 million.

The property, which was constructed between 2002-2005, is comprised of approximately 133,000 square feet of leasable area on 12.1 acres of land and is 100% leased.

The property is shadow-anchored by a Loblaw's owned Real Canadian Superstore. Tenants include Best Buy, Home Outfitters, Michaels and Pier 1. The average remaining lease term is 9.9 years.

Stephen Johnson, President and Chief Executive Officer of CREIT, said "This acquisition increases our portfolio weighting in high-quality, well-anchored and well-leased retail properties."

CREIT's retail portfolio now comprises approximately 6.8 million square feet, with approximately 2.6 million square feet located in Ontario.

CREIT is a real estate investment trust that is dedicated to accumulating a portfolio of high quality real estate assets, and then delivering the benefits of such real estate ownership to unitholders. The primary benefit is a reliable, and over time, increasing cash distribution. CREIT owns a portfolio in excess of 134 retail, industrial and office 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
    (416) 628-7777 (FAX)
    sjohnson@creit.ca
    www.creit.ca