Retrocom Mid-Market Real Estate Investment Trust

Retrocom Mid-Market Real Estate Investment Trust

October 16, 2008 17:25 ET

Retrocom Mid-Market REIT Announces Conditional Property Sale

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2008) -


Retrocom Mid-Market Real Estate Investment Trust (the "REIT") (TSX:RMM.UN) announced today that it has entered into an agreement to sell Plaza La Sarre in La Sarre, Quebec for approximately $4.5 million which is net of sales commission costs. This agreement is conditional upon the purchaser's due diligence and is expected to close in December 2008. As previously announced, the REIT has initiated an extensive review of its portfolio with a view to repositioning and redeveloping certain properties. David Fiume Chief Executive Officer of the REIT said "Plaza La Sarre is our one remaining property in Quebec located in a remote northern area which is more effectively operated by local ownership and management." The proceeds of this sale will be used to pay down debt and is in line with the strategic disposition plan to ensure sufficient funds will be available to undertake the repositioning and redevelopment of properties.

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 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, 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 Retrocom Mid-Market 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.

Contact Information

  • Retrocom Mid-Market Real Estate Investment Trust
    David Fiume
    Chief Executive Officer
    (416) 741-7999 x227
    (416) 741-7993 (FAX)