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Crombie REIT provides capital recycling update
Crombie REIT provides capital recycling update Canada NewsWire NEW GLASGOW, NS, ...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT provides capital recycling update\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\n\n\n\n\n\n\nCanada NewsWire\nNEW GLASGOW, NS, June 25, 2018\n\n\n\nNEW GLASGOW, NS, June 25, 2018 /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) advises that it recently closed on the sale of Park Lane in Halifax, Nova Scotia, a 273,000 square foot retail and office property for $51.25 million.  \n\nThe transaction was completed as part of Crombie's previously announced plan to recycle capital from the sale of certain non-core, and/or lower growth assets. Crombie's year to date sales totaling almost $200 million have in aggregate been executed at, or above, IFRS fair value. The transactions are intended to enhance portfolio quality, with proceeds to be invested in Crombie's value creating mixed use development pipeline. \n\n\"We are executing on our capital recycling program with almost $200 million of year to date sales essentially funding the 2018 requirements of our active major development projects,\" said Don Clow, President and CEO. \"Our year to date sales are a solid indicator that demand is strong for our properties including stable e-commerce resistant grocery anchored assets.\"\n\nAbout Crombie REIT\n\nCrombie Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets.\n\nMore information about Crombie can be found at www.crombiereit.com.\n\nForward-looking Information\n\nThis news release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as \"may\", \"will\", \"estimate...