October 20, 2016 17:47 ET

OneREIT Announces Closing of Transaction to Sell Elgin Mall and New Leasing Activity

TORONTO, ONTARIO--(Marketwired - Oct. 20, 2016) -


OneREIT (TSX:ONR.UN) announces:

  • The completion of the sale of Elgin Mall in St. Thomas, Ontario. Vacancy at this property represented approximately 2% of the total portfolio GLA.
  • The entering into a lease agreement for a 20,500 square foot Planet Fitness at Yorkgate Mall located in Toronto, Ontario. The lease has an initial term of 10 years with additional renewal options. Opening is scheduled for late 2016.

    Yorkgate Mall is a 218,000 square foot, two level community mall, centrally located in the heart of the region's dominant retail node, with a trade area population in excess of 750,000. The new Pioneer Village station on the Spadina Subway extension will be located a short distance from this property as will a proposed stop on the planned Finch West LRT line, both of which will promote greater density in this area.
  • The entering into a lease agreement for an 11,700 square foot Dollarama at Galeries Don Quichotte located in l'Île Perrot, Quebec. The lease has an initial term of 10 years with additional renewal options. Anticipated opening is early 2017.

"Each of these mark our continuing strategy of strengthening our portfolio and improving our operations. We remain focused on maintaining this positive momentum into the future. The infrastructure improvements in the area of Yorkgate Mall will only serve to further enhance this property," stated Richard Michaeloff, OneREIT's Chief Executive Officer.

About OneREIT

OneREIT is an unincorporated, open-end real estate investment trust which focuses on owning and acquiring retail properties across Canada with the goal of enhancing long-term Unitholder value.

Forward-Looking Information

This press release contains forward-looking statements, which reflect management's expectations regarding the REIT's future growth, results of operations, performance, and business prospects and business opportunities. These statements relate to, but are not limited to, the REIT's expectations, intentions, plans and beliefs. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative or grammatical variations of these terms or other comparable terminology. Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors, including, but not limited to: those discussed or referenced under the heading "Risk Factors" in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2016, as well as competition within the commercial real estate sector, the effective international, national and regional economic conditions and the availability of capital to fund further investments in the REIT's business. Actual events or results may differ materially from those suggested by any forward-looking statements. Readers should not place undue reliance on any forward-looking statements contained in this press release. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the OneREIT have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an exemption from the registration requirements of U.S. securities laws.

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