Retrocom Mid-Market Real Estate Investment Trust
TSX : RMM.UN

Retrocom Mid-Market Real Estate Investment Trust

March 23, 2007 17:48 ET

Retrocom Mid-Market REIT Announces Agreement for Sale of Woodbine Place

TORONTO, ONTARIO--(Marketwire - March 23, 2007) -

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

Attention Business Editors:

Retrocom Mid-Market Real Estate Investment Trust (the "REIT")(TSX:RMM.UN) announced today that it has entered into a conditional agreement with a purchaser to sell Woodbine Place, located in Toronto, Ontario. This agreement is conditional on financing and final due diligence and is expected to close in late May, 2007.

"The sale of this office property is consistent with our strategy of focusing on retail properties. The gross proceeds from this transaction amount to approximately $12.5 million, which will be used to discharge the mortgage in the amount of approximately $2.5 million, and the remainder of the net proceeds, estimated to be approximately $10.0 million (less costs), will be used to reduce short term debt, to invest in the balance of the portfolio, and potentially to buy back units through the normal course issuer bid that was recently approved by the TSX" said David Fiume, Chief Executive Officer.

Retrocom Mid-Market REIT is an Ontario unincorporated open-end real estate investment trust that focuses on owning and acquiring mid-market commercial 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 press release shall not constitute an offer to sell or the solicitation of an offer to buy Units of the REIT, 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 REIT 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.

Certain statements contained in this news release may include forward-looking information with respect to Retrocom Mid-Market Real Estate Investment Trust's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, availability of resources, competitive pressures, changes in market activity and regulatory requirements. Further information can be found in the disclosure documents filed by Retrocom Mid-Market Real Estate Investment Trust with the securities regulatory authorities, available at www.sedar.com.

Contact Information

  • Retrocom Mid-Market REIT
    David Fiume
    Chief Executive Officer
    (416) 741-7999
    (416) 741-7993 (FAX)