Retrocom Real Estate Investment Trust

TSX : RMM.UN


Retrocom Real Estate Investment Trust

May 28, 2014 16:56 ET

Retrocom Announces Interim Extension of Relationship With SmartCentres

TORONTO, ONTARIO--(Marketwired - May 28, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE

Retrocom Real Estate Investment Trust (TSX:RMM.UN) ("Retrocom REIT" or the "REIT") announced that its Board of Trustees, on the recommendation of its Special Committee comprised entirely of independent Trustees, has approved an interim extension agreement (the "Interim Extension Agreement") with Mitchell Goldhar, owner of SmartCentres Inc., together with entities controlled by Mr. Goldhar (collectively, the "SC/MRR Group"), pursuant to which the SC/MRR Group's right to a 25% minimum voting entitlement in the REIT, currently set to expire on July 8, 2014, will be extended by a 90-day period to October 6, 2014.

The REIT is in preliminary discussions with one or more parties for the possible acquisition of properties that, if acquired by the REIT by October 6, 2014, after receipt of necessary regulatory and unitholder approvals, could result in the SC/MRR Group continuing to have the right to a 25% minimum voting entitlement in the REIT until July 8, 2018. The Interim Extension Agreement provides the REIT with additional time to continue its discussions and, if determined to be in the best interest of unitholders, complete one or more of such acquisitions.

The Interim Extension Agreement is subject to the receipt of all necessary regulatory and unitholder approvals. Further information will be provided in the REIT's management information circular to be mailed to unitholders on or about June 4, 2014 in respect of the annual and special meeting of unitholders of the REIT to be held on June 25, 2014.

About Retrocom REIT

Retrocom REIT 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 may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT regarding, among other things, the entering into of the Interim Extension Agreement. 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 other factors which affect this information, except as required by law.

The securities offered pursuant to the Offering have not 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 applicable exemption from the registration requirements of U.S. securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Contact Information

  • Retrocom Real Estate Investment Trust
    Richard Michaeloff
    Chief Executive Officer
    (416) 741-7999
    (416) 741-7993 (FAX)
    rmichaeloff@rmmreit.com