Retrocom Mid-Market Real Estate Investment Trust

Retrocom Mid-Market Real Estate Investment Trust

October 09, 2007 17:18 ET

Retrocom Mid-Market REIT Announces Closing of Previously Announced Transactions and Accumulation of Approximately $10 Million Working Capital Cash Balance

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2007) -


Attention Business Editors

Retrocom Mid-Market Real Estate Investment Trust (the "REIT") (TSX:RMM.UN) has now completed a number of previously announced transactions, including the sale transaction of six properties in Kingston, ON, thereby fully repaying the REIT's operating line and leaving it with an estimated cash balance of $10 million.

The sale of the six Kingston properties closed on Friday October 5th, 2007 for proceeds of $12.5 million, which were used primarily to pay down debt, including the extinguishment of the operating line.

The REIT is also pleased to announce the completion of two successful recent refinancings. New first mortgages were placed on Carry Plaza in Medicine Hat, AB and City Centre Mall, located in Thompson, MB with a combined balance of $17.3 million, which was used to pay down the previous mortgages and the REIT's operating line, and to increase the REIT's working capital.

Following the completion of the above noted transactions, the REIT now has $10 million of cash for working capital purposes, to be used to continue to invest in the remainder of the portfolio and to potentially repurchase units through the previously approved Normal Course Issuer Bid, now that the Operating Line has been fully repaid.

Retrocom REIT is also pleased to announce the recent hiring of Ms. Sandy Ardern as Chief Financial Officer. Ms. Ardern, a Queen's University graduate and a Chartered Accountant, has almost 20 years of real estate experience in the areas of accounting and finance, most recently with another Canadian REIT. "Sandy is a welcome addition to the REIT's management team and I am sure we will benefit greatly from her real estate, and in particular, REIT experience," 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

Contact Information

  • Retrocom Mid-Market Real Estate Investment Trust
    David Fiume
    Chief Executive Officer
    (416) 741-7999
    (416) 741-7993