SOURCE: Melcor Real Estate Investment Trust

Melcor Real Estate Investment Trust

May 03, 2017 13:26 ET

Melcor REIT sells industrial warehouse asset in Lethbridge, AB

EDMONTON, AB--(Marketwired - May 03, 2017) -

Highlights

  • Industrial warehouse located in Lethbridge, Alberta with total gross leasable area of 67,610 sf on 2.89 acres
  • Sold for $8.0 million ($118.32/sf). The property was purchased for $5.9 million ($87.27/sf) in January 2014.

Melcor Real Estate Investment Trust (Melcor REIT) (TSX: MR.UN) today announced that it has completed the sale of LC Industrial in Lethbridge, Alberta for $8.0 million (excluding closing costs).

Andrew Melton, President and Chief Executive Officer of Melcor REIT commented: "With this sale, we are freeing up capital for other opportunities while also achieving a good return on investment for unitholders. We bought LC Industrial, added value, extended the lease term of the largest tenant and then sold it for a 36% premium to our purchase price. The property was also cash flow positive while we held it. This disposition was a good opportunity to recycle capital for the REIT."

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 in western Canada. Its portfolio is currently made up of interests in 37 properties representing approximately 2.71 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.

Contact Information

  • Contact Information:
    Business Contact
    Andrew Melton
    Chief Executive Officer
    Tel: 780.423.6931
    Email contact

    Investor Relations
    Naomi Stefura
    Chief Financial Officer
    Tel: 1.855.673.6931
    Email contact