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Crombie REIT Announces $193.3 Million Portfolio Disposition
Crombie REIT Announces $193.3 Million Portfolio Disposition Canada NewsWire NEW ...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT Announces $193.3 Million Portfolio Disposition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prntbls{\nBORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNEW GLASGOW, NS, May 28, 2019\n\n\n\nNEW GLASGOW, NS, May 28, 2019 /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) announces today that it has entered into a second agreement of purchase and sale to sell an 89% non-managing interest in a 15-property portfolio for an aggregate purchase price of approximately $193.3 million (\"Partial Disposition\" or \"Transaction\") to an affiliate of Oak Street Real Estate Capital, LLC (\"Oak Street\"). Crombie will retain an 11% ownership interest and will continue to manage and operate the properties. The Transaction is scheduled to close in the fall of 2019. The first transaction announced with Oak Street closed on April 25, 2019. \nThis Partial Disposition is consistent with Crombie's previously announced transactions to recycle capital. None of the assets subject to the current Transaction are included in Crombie's mixed-use development pipeline.\n\"This partial disposition is another example of our team's solid execution of our strategy,\" said Don Clow, President and CEO. \"Priced in line with IFRS fair values, it provides important funding to facilitate significant progress towards completion of our first five major development projects, which are expected to be nicely accretive to Net Asset Value and AFFO. This transaction strengthens our balance sheet through debt reduction and enables pre-funding of our major development activities well into 2020, aligning with our long-term funding strategy.\"\n\"These properties are an excellent addition to our portfolio, which is designed to create stab...