EDMONTON, ALBERTA--(Marketwired - May 27, 2014) -
• Single tenant office building with gross leasable area of 23,432 sq. ft.
• 100% occupied with a new tenant
• Immediately accretive to AFFO
• Strategic west Edmonton location with excellent exposure to major arteries
Melcor REIT (TSX:MR.UN) today announced that it has acquired an office building for $5.55 million (excluding closing costs).
Darin Rayburn, Chief Executive Officer of Melcor REIT commented: "We continue to execute on our growth strategy with this acquisition, which brings our GLA growth to 17% since IPO. The well-maintained, formerly owner-occupied building is a strong complement to our West Edmonton property portfolio."
Management expects the acquisition to be accretive to AFFO by $0.01 per unit on an annualized basis. The acquisition will be funded with cash on hand.
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties with exposure to high growth Canadian markets. Its portfolio is currently made up of interests in 32 properties representing approximately 1.84 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.