Charter Real Estate Investment Trust

Charter Real Estate Investment Trust

November 13, 2007 13:09 ET

Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN) Announces Graduation to Tier 1 Status

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2007) - Charter Real Estate Investment Trust ("Charter REIT")(TSX VENTURE:CRH.UN) is pleased to announce that it has achieved Tier 1 Issuer status on the TSX Venture Exchange (the "TSX-V"), effective November 1, 2007. As stated in TSX-V's Policy 2.1, "A Tier 1 listing represents the TSX-V's premier tier and is reserved for the most advanced public companies with the most significant financial resources. Tier 1 Issuers benefit from decreased filing requirements and improved service standards." Tier 1 Issuer status will permit Charter REIT to take advantage of a more favourable regulatory environment and financing mechanisms. Charter REIT's trading symbol will remain "CRH.UN".

In connection with its graduation to Tier 1 Issuer status, Charter REIT will be accelerating the release of its 1,460,250 units that are currently subject to escrow conditions (the "Escrowed Units") as a result of Charter REIT's initial listing as a capital pool company. Under the new release schedule, 25% of the Escrowed Units will be released on November 10, 2007, with the remaining Escrowed Units being released in equal instalments on May 10, 2008 and November 10, 2008.

Charter REIT

Charter Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring a portfolio of retail and mixed-use retail real estate comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada, with the principal goal of generating a reliable and growing yield for its investors. Charter REIT owns five commercial real estate properties located in Ontario and Quebec.

This press release contains forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Charter REIT undertakes no obligation to update such statements except as required by law.

The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4

The TSX Venture Exchange does not accept responsibility for the adequacy of this press release.

Contact Information

  • Charter Real Estate Investment Trust
    Ari Silverberg
    President and Chief Operating Officer
    (416) 364-5705
    (416) 861-8166 (FAX)
    Charter Real Estate Investment Trust
    Floriana Cipollone
    Chief Financial Officer
    (416) 364-5705
    (416) 861-8166 (FAX)