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

Retrocom Mid-Market Real Estate Investment Trust

May 15, 2006 19:05 ET

Retrocom Mid-Market REIT Announces Sale of Non-Core Property

TORONTO, ONTARIO--(Marketwire - May 15, 2006) –

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

Attention Business Editors:

Retrocom Mid-Market Real Estate Investment Trust (TSX:RMM.UN) announced today that it has sold its industrial property at 501 Lakeshore Blvd. in Mississauga.

Mr. Walter Davies, Interim C.E.O. of the REIT advised today that "We have previously announced the implementation of our strategic plan to return the Trust to its original objectives, to purchase and own retail properties in secondary markets."

"I am pleased to report continued success in this area, and we have previously reported the sale of smaller "non-core" properties in Calgary and Brooks, Alberta, as well as the industrial property in Pickering."

"Today, in continuation of this strategy, I am pleased to report the sale of another non-core property, 501 Lakeshore Industrial, as of last Friday, 12th May. This sale will provide approximately $4 million in cash proceeds that will be used to execute our comprehensive leasing and repositioning strategies on our existing 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 retail 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. Further information can be found at http://www.rmmreit.com.

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.

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 Financial Officer
    (416) 741-7999 x227
    (416) 741-7993 (FAX)
    Email: dfiume@rmmreit.com
    Website: www.rmmreit.com