TORONTO, ONTARIO--(Marketwired - Jan. 6, 2014) -
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Retrocom Real Estate Investment Trust (the "REIT" or "Retrocom") (TSX:RMM.UN) announced today that effective December 31, 2013 the REIT entered into an agreement to terminate its four remaining leases with Zellers Inc. and it has settled all outstanding legal disputes with Zellers in respect of those leases and other matters. The REIT received payment of all rents due under the four leases to December 31, 2013 and will record a lease cancellation fee of $1.8 million during the three months ended December 31, 2013. The agreement with Zellers now gives Retrocom full control of the former Zellers premises to allow for the re-tenanting of this space.
About Retrocom REIT
Retrocom REIT is an unincorporated, open-end real estate investment trust which focuses on owning and acquiring retail properties across Canada with the goal of enhancing long-term unitholder value.
The trustees of the REIT have approved changing the name of the REIT to Retrocom Real Estate Investment Trust, subject to regulatory approval.
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT regarding, among other things, the use of the net proceeds from the offering, and the closing of the acquisition. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.