Retrocom Mid-Market Real Estate Investment Trust

Retrocom Mid-Market Real Estate Investment Trust

August 31, 2010 16:27 ET

Retrocom Mid-Market REIT Announces $11 Million Investment in Lincoln Value Centre, St. Catharines, Ontario

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2010) -


Retrocom Mid-Market Real Estate Investment Trust (TSX:RMM.UN) (the "REIT" or "Retrocom") announced today that it, along with its anchor tenant, Walmart Canada ("Walmart"), will be undertaking renovations at Lincoln Value Centre, located in the east end of St. Catharines. The renovations represent an investment of $11 million over the next three years. 

Walmart will be converting its existing store into a Walmart Supercentre that will include a full-line grocery department. This multi-million dollar conversion will have an immediate positive impact on the local economy by creating up to 200 construction trade jobs and a long-term benefit of additional retail jobs. Consumers will continue to benefit from having access to a wide assortment of general merchandise with the addition of a full grocery component. Construction will begin this fall, and the conversion to a Walmart Supercentre is expected to be completed by next summer.

As part of this investment, Retrocom will be adding a new 15,000 square foot retail building, improving illumination in the parking lot to increase safety, making interior road improvements, and upgrading building storefronts.

"This significant investment by Retrocom and Walmart demonstrates our confidence in the St. Catharines market," said Richard Michaeloff, President and CEO of the REIT. "We are very pleased that Walmart is making this commitment to upgrade and modernize its store. With the renovations and new construction, we feel certain we will be able to attract new tenants to the Centre and position it to continue to serve the community."

"This is tremendously positive news for the City of St. Catharines," said Mayor Brian McMullan. "In addition to other initiatives in the City, it is important to the revitalization of this area that we continue to upgrade our existing infrastructure and built space. This is a win-win for both Retrocom and the City of St. Catharines."

About Retrocom Mid-Market REIT

Retrocom Mid-Market REIT is an Ontario unincorporated open-end real estate investment trust which focuses on owning and acquiring mid-market properties in primary and secondary cities across Canada with the objective of producing a geographically diversified portfolio of properties with stable and growing cash flows.

This document may contain forward-looking statements, which although based on Management's best estimates as well as the current operating environment are subject to risks and uncertainties. As such, terms such as "anticipate", "believe", "expect", "plan" or other similar words should be taken as forward-looking statements. As a result of these potential uncertainties, any future results could differ materially from the predictions listed herein. Although Retrocom makes every effort to meet our predictions as listed in this document, we are unable to control certain circumstances such as economic, competitive or commercial real estate conditions.

Contact Information

  • Retrocom Mid-Market Real Estate Investment Trust
    Richard Michaeloff
    Chief Executive Officer
    (416) 741-7999 ext. 5227
    (416) 741-7993 (FAX)