TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE
OneREIT (TSX:ONR.UN) is pleased to announce it has entered into a lease agreement at Yorkgate Mall for a 44,000 square foot premises with the City of Toronto. The lease has an initial term of 10 years with additional renewal options. Opening is scheduled for late 2017 and will generate increased traffic flow to the retail tenants at Yorkgate. The addition of this tenancy together with the previously announced opening of Planet Fitness increases occupancy of this property from 65% to 94%.
Yorkgate Mall is a 218,000 square foot, two level community mall, centrally located in the heart of the area's dominant retail node, with a trade area population in excess of 750,000. A new station on the University 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.
"We are pleased to welcome the City of Toronto to Yorkgate Mall, which together with the recent opening of a 20,500 square foot Planet Fitness, will further build on this property's role as a key hub in the community," stated Richard Michaeloff, OneREIT's Chief Executive Officer. "These significant additions to Yorkgate Mall, together with the scheduled spring opening for the Real Canadian Superstore® at our Golden Mile Shopping Centre, marks our continuing strategy of strengthening our portfolio and improving our occupancy level while building on our goal to best serve our communities. These initiatives have successfully driven our committed occupancy from 85% to 90% over the past two years."
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.