Canadian Real Estate Investment Trust

Canadian Real Estate Investment Trust

December 11, 2007 18:34 ET

Canadian Real Estate Investment Trust to Acquire Calgary Retail Property

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2007) - Canadian Real Estate Investment Trust (CREIT) (TSX:REF.UN) announced today that it will acquire Creekside Shopping Centre (Creekside), a new format unenclosed retail property located in the Northwest region of Calgary, Alberta.

Upon full development, Creekside will consist of approximately 370,000 square feet of leasable area on 41 acres of land. Currently, approximately 290,000 square feet of space is substantially complete and 100% leased.

Tenants include Co-Op (grocery anchor), Rona, Shoppers Drug Mart and three Canadian banks.

Stephen Johnson, President and Chief Executive Officer of CREIT, said, "Creekside is the sixth acquisition through our mezzanine loan program with Hopewell Development Corporation, a well respected merchant developer. This program continues to provide CREIT with an acquisition pipeline of new, high quality real estate assets."

The initial closing is scheduled to take place this month and will make up approximately $96.4 million of the $120.0 million total estimated purchase price.

CREIT has had an active 2007 with respect to acquisitions, closing or committing to approximately $318.5 million of high quality real estate investments (see chart below for further details).

CREIT's year-to-date 2007 acquisitions include:

Ownership Purchase Total Est.
Square Interest Price Funded Purchase
Date Footage(1) Acquired in 2007 Price
Property Acquired (sq.ft.) (%) ($ millions) ($ millions)
Shopping Centre
Calgary, AB
(Retail) Dec/07 286,856 100 96.4 120.0(2)
5667-69th Avenue
SE Calgary, AB
(Industrial) Dec/03/07 169,093 100 16.0 16.0
11150-38th Street
SE & 11133-40th
Street SE
Calgary, AB
(Industrial) Nov/08/07 501,086 50 19.1 19.1
Shopping Centre
Dartmouth, NS
(Retail) Aug/15/07 491,360 50 75.2 135.1(3)
6900-54th Street
SE & 6969-54th
Street SE
Calgary, AB
(Industrial) Jul/10/07 149,598 100 18.5 18.5
The Grange
Shopping Centre
- Phase 1
Edmonton, AB
(Retail) May/01/07 26,717 100 9.8 9.8
TOTALS 1,624,710 235.0 318.5


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

(2) Remaining $23.6 million to be funded as further development is completed.

(3) Remaining $59.9 million to be funded as further development is completed.

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 monthly cash distribution. CREIT owns a real estate portfolio in excess of 140 retail, industrial and office properties.


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 said 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
    Tim McSorley
    Vice President & Chief Financial Officer
    (416) 628-7790
    Canadian Real Estate Investment Trust
    Adam Paul
    Vice President, Investments
    (416) 628-7798