The Dallaire Family and Cominar to Finance Completion of the Complexe Jules-Dallaire

The Dallaire family and Cominar Real Estate Investment Trust announced that AM Total Investissements , which is a general partnership wholly-owned by the Dallaire family, has concluded a temporary financing by way of a monetization transaction on three million units of Cominar for proceeds of approximately $74.0 million.

The monetization transaction involves a forward contract concluded by AM Total with a Canadian chartered bank referencing the closing price of Cominar units on September 20, 2012. Pursuant to this financial instrument, AM Total, which holds 8,277,175 units of Cominar, maintains the beneficial ownership and voting rights attached to the monetized units.

The Dallaire family owns directly and indirectly a total of 9,010,078 units of Cominar or approximately 7.3% of the issued and outstanding units, including the three million units being monetized.

The Dallaire family will use the proceeds of the financing to fund the development of Phase 2 of the Complexe Jules-Dallaire, a project co-owned by Cominar and the Dallaire family. The Dallaire family is building Phase 2 at its own risk, including ten storeys of office space plus some 200 condominium units on fifteen floors to be sold to individuals. Once the development of the ten storeys of office space is complete, the Dallaire family may increase its interest by up to 50% of the fair market value of the entire Complexe by way of a cash consideration. Subsequently, the entire property will be managed by Cominar.

"It continues to be important for me to seek to align the interests of our family with those of our unitholders," said Mr. Michel Dallaire of the Dallaire family and the President and Chief Executive Officer of Cominar. "The transaction announced today was designed to preserve this objective and further Cominar's objectives," added Mr. Dallaire.

The Dallaire family has assumed all costs related to the financing.
 

on September 26, 2012