TORONTO, ONTARIO--(Marketwired - Feb. 27, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE
Retrocom Real Estate Investment Trust ("Retrocom") (TSX:RMM.UN) announced today it has entered into a binding lease agreement for a 20,000 square foot HomeSense and for a 22,000 square foot Sport Chek at Orangeville Mall. The leases have an initial term of 10 years with additional renewal options. Construction will begin March 2014, with the anticipated opening for both stores in Fall 2014. These two stores will be located in the former Zellers space at the shopping centre and will generate significantly higher rental revenue from the premises.
Orangeville Mall is an 184,000 square foot shopping mall, the only enclosed shopping centre in Orangeville. Located in the heart of the region's dominant retail node, at First Street and Highway 10, Orangeville Mall serves a trade area population of over 50,000.
Together with the addition of these two new retailers, Retrocom will be upgrading the shopping centre with a new exterior façade, renovated entrance, and pylon signs.
"We're very pleased to welcome these outstanding tenants. HomeSense and Sport Chek are two very strong retailers that will serve the community well," stated Richard Michaeloff, Retrocom's President and Chief Executive Officer. "These additions enhance our tenant mix at Orangeville Mall and improve our position within the marketplace. This $5 million reinvestment in the mall demonstrates our ongoing commitment to offer our shoppers a broad range of choices for their everyday shopping needs."
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.
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