Business
Calloway invests over $500 million in first nine months of 2006
Calloway invests over $500 million in first nine months of 2006.
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nTORONTO, Oct. 16 /CNW/ - Calloway Real Estate Investment Trust\n(TSX:CWT.UN) announced today that it completed over $500 million of\ninvestments during the first nine months of 2006.\nMr. Simon Nyilassy, President and CEO of Calloway said, \"Acquisitions,\nexpansions and developments have increased our operating portfolio by over\n2.2 million square feet so far this year, as well as adding approximately\n600,000 square feet in future development potential.\nInvesting in 'Calloway quality' assets is a hallmark of our growth\nprogram. The addition of newly constructed premises housing successful\nretailers such as Wal-Mart, Canadian Tire, Sobeys and Best Buy in major\nmarkets which include Toronto (6 properties) and Montreal (2 properties),\nfurther strengthens Calloway's position as the largest owner of unenclosed,\nlarge format retail in Canada.\nOur development pipeline is what sets us apart. It has never been\nstronger, with current expansion capabilities of approximately 4 million\nsquare feet, this pipeline alone provides Calloway with an equivalent of 16\nnew full-size shopping centres.\"\nIn aggregate, Calloway's 2006 investing activities to date may be\nsummarized as follows (in millions of dollars):\n\n>\n\nDetails of Calloway's investing activities for the nine months ended\nSeptember 30, 2006 are set out below.\n\nClosed Acquisitions\nDuring the third quarter, Calloway acquired interests in four (4)\nproperties for $138 million. The acquired properties are located in the\nGreater Toronto Area (2), Southern Ontario and Montreal, and comprise of\n580,000 square feet of leased area, 215,000 square feet of expansion potential\nand 24,000 square feet of future development.\nFor the nine months ended September 30, 2006, investments in newly\nacquired properties total $385 million in seventeen (17) properties, of which\nfourteen (14) properties are income producing and three (3), are land\npurchases. The income producing properties comprise approximately 1,700,000\nsquare feet of existing leaseable area and 260,000 square feet of expansion\npotential. The lands will comprise approximately 340,000 square feet of\nleaseable area upon completion.\nThe fourteen shopping centres were acquired for a total of $361 million.\nThe income producing portion of the centres account for $340 million of the\nacquisitions and genera...