Business
Calloway portfolio hits 19 million square feet
Calloway portfolio hits 19 million square feet.
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTORONTO, April 26 /CNW/ - Calloway Real Estate Investment Trust\n(TSX:CWT.UN) announced today $270 million of accretive investments.\n\n\nApproximately $120 million has been invested in the acquisition of four\noperating properties in Oakville, Mississauga and Vaughan, Ontario and in\nNewfoundland, comprising 688,000 square feet of leased area. A further\n$38 million was invested in expansions of 16 owned properties totaling 226,000\nsquare feet and a $4 million loan was advanced for a 145,000 square foot\ncentre to be constructed in British Columbia. Calloway has the right to\npurchase a 50% interest in this property on completion.\n\n\nAdditional acquisitions under contract comprise four properties for an\naggregate purchase price of $108 million. These include lands for the\ndevelopment of 1.1 million square feet of new retail space in three greater\nToronto area locations and a newly constructed centre comprising 200,000\nsquare feet of fully rented space in British Columbia.\n\n\nThe investments described above immediately increased Calloway's\nportfolio of owned shopping centre space to 19.2 million square feet at the\nend of the quarter from 18.3 million square feet at the start of the year.\nThey also increase Calloway's owned pipeline of future space and mezzanine\noptions to 8.2 million square feet. This is 2 million square feet, or 8%,\nhigher than previous estimates. It is also before including acquisitions still\nat the negotiation stage, such as the two previously announced centres in\nOregon.\n\n\nMr. Simon Nyilassy, President and CEO of Calloway said, "We are putting\nour capital to work. We are investing for the present, acquiring three quality\nproperties in the Greater Toronto Area and one in Newfoundland. The shopping\ncentre under contract in British Columbia should close next month. We are also\ninvesting for the future, with the pending acquisitions of three parcels of\nland, all in the GTA. We do not need to raise any new money for these\ninvestments thanks to our strong balance sheet." He added, "our large pipeline\nof future developments and retail space that we have the option to acquire\nthrough our mezzanine loan program will grow our portfolio by over 40% as\nthese developments are completed."\n\n\nCalloway's 2007 investing activities to date may be summarized as follows\...