Business
Calloway Closes Three More Properties in Ontario
Calloway Closes Three More Properties in Ontario.
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 21 /CNW/ - Calloway Real Estate Investment Trust (TSX:\nCWT.UN) (TSX:CWT.DB) announced it has closed an additional three properties as\npart of its previously announced transaction. Two shopping centres remain\nunder contract and are expected to close in early 2007.\n\n\nTwo of the three are development properties located in Ontario. Both will\nbe anchored by Wal-Mart and will comprise of approximately 450,000 square feet\nof retail space on completion. Calloway also acquired a 100% leasehold\ninterest in a 400,000 square foot shopping centre in Oshawa, Ontario, with an\noption to purchase the freehold interest at the end of a 49 year term. The\ncentre is anchored by Wal-Mart, Loblaws and Home Depot (shadow-anchor,\n115,000 square feet), and comprises of 515,000 square feet of built space and\nundeveloped lands to allow an additional 150,000 square feet of retail space.\nUpon completion the centre will total 665,000 square feet.\n\n\nConsideration paid for the three properties totaled $96.6 million,\nincluding $6.0 million for the development lands. The purchase price was\nsatisfied by the assumption of debt in the amount of $45.4 million and the\nbalance with cash. In connection with the completion of future development\npotential at the Oshawa centre, Mr Mitchell Goldhar received an additional\n200,000 rights to acquire Units of the REIT at a price per unit ranging from\n$29.55 to $33.00.\n\n\nThe Toronto Stock Exchange neither approves nor disapproves of the\n\n\ncontents of this Press Release.\n\n\nThis press release contains \"forward looking statements\" subject to\nvarious significant risks and uncertainties which may cause actual results,\nperformances and achievements of Calloway to be materially different from any\nfuture results, performances or achievements, expressed or implied by such\nforward looking statements. Such risk factors include, but are not limited to,\nrisks associated with real property ownership, availability of cash flow,\nrestrictions on redemption, general uninsured losses, future property\nacquisition, environmental matters, tax related matters, debt financing,\nUnitholder liability, potential conflicts of interest, potential dilution, and\nreliance on key personnel. Calloway cannot assure investors that actual\nresults will be consistent with these forward looking statements...