TORONTO, ONTARIO--(Marketwire - Oct. 3, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE
Retrocom Mid-Market Real Estate Investment Trust (the "REIT") (TSX:RMM.UN) announced today it has entered into a binding lease agreement with Canadian Tire Real Estate Limited for approximately 135,000 square feet at Southland Mall. The lease has an initial term of 15 years with additional renewal options, and represents 2.5% of the REIT's GLA. Canadian Tire Corporation will operate four separate stores operating under the Canadian Tire, Sport Chek, Mark's, and Atmosphere banners. The anticipated opening for all four new stores is April 2013.
Southland Mall is a 426,000 square foot enclosed regional mall located on Albert Street in South Regina. The mall is one of Regina's premier shopping centres and offers a broad mix of retail, dining, and entertainment destinations.
"We are very excited to be a part of the revitalized Southland Mall," said Clint Elenko, Associate Vice President of Canadian Tire. "This investment will allow us to better serve the Regina market and will provide our customers with the first Atmosphere store and the largest Sport Chek in Saskatchewan."
Retrocom also intends to undertake a multi-million dollar revitalization of the centre which will include extensive upgrades to both the interior and exterior of the property. The revitalization plan includes a new contemporary food court, new washrooms, lighting upgrades, along with new signature entrances and building façade enhancements.
"We are delighted to welcome Canadian Tire's line of operating divisions to Southland Mall. The decision to locate at Southland demonstrates their confidence in the continued success of the mall in this market", said Richard Michaeloff, Chief Executive Officer of the REIT. "Along with our reinvestment in the property, we believe this will position the centre for continued growth and service to the community. We are very pleased about the future of Southland Mall," added Michaeloff.
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.
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. 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.
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.