Retrocom Mid-Market Real Estate Investment Trust

Retrocom Mid-Market Real Estate Investment Trust

April 03, 2007 12:36 ET

Retrocom Mid-Market REIT Announces Closing of Previously Announced Transaction, Extension of Credit Line, and Rescheduling of Analyst Call

TORONTO, ONTARIO--(Marketwire - April 3, 2007) –


Attention Business Editors:

Retrocom Mid-Market Real Estate Investment Trust (the "REIT")(TSX:RMM.UN) announced today that it has closed the previously announced sale of three remaining properties to the Sunstone Realty Group as per a modified agreement of purchase and sale. The first tranche of three properties in the transaction closed on February 28th, 2007.

The REIT also announced today that it has reached an agreement with its lender providing the $35 million revolving operating line to extend the maturity date of the credit facility to March 31st, 2008 on similar terms. In keeping with the REIT's plan to reduce its dependence on short-term borrowings, the terms of the credit facility include a phased reduction of the credit limit from $28 million on March 31st, 2007 to $15 million by September 30th, 2007.

Today's planned Investor Conference Call has been rescheduled due to technical problems. The call will take place tomorrow, Wednesday April 4th, 2007, at 10:00 am EST. For those who wish to participate, the dial-in numbers are as follows:

Local: 416-640-3407

Toll-Free: 1-866-322-8798

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

Contact Information

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