February 11, 2016 16:49 ET

OneREIT Enters Into Lease Agreement for Michaels at Orangeville Mall

TORONTO, ONTARIO--(Marketwired - Feb. 11, 2016) -


OneREIT (TSX:ONR.UN) announced today it has entered into a binding lease agreement for a 19,000 square foot Michaels at Orangeville Mall. The lease has an initial term of 10 years with additional renewal options. Michaels' anticipated opening is Fall 2016 and will be located in the former Zellers space at the shopping centre.

Orangeville Mall is an 184,000 square foot shopping mall, the only enclosed shopping centre in Orangeville. Located in the heart of the region's dominant retail node, at First Street and Highway 10, Orangeville Mall serves a trade area population of over 50,000.

"We are pleased to welcome a strong retailer such as Michaels to Orangeville Mall that will serve the community well," stated Richard Michaeloff, OneREIT's Chief Executive Officer. "The addition of Michaels will enhance our tenant mix at Orangeville Mall and improve our position within the marketplace."

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.

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 application for exemption from the registration requirements of U.S. securities laws.

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