Cominar Makes Acquisition of 19 Properties

Transaction Highlights
 
Acquisition of 18 industrial properties primarily located on the South Shore of Montréal and one office property, totalling approximately 1.8 million square feet of leasable area, for $149.8 million
Cluster of high quality industrial properties, the majority of which are "new generation" buildings or have been renovated, in the South Shore market which outperforms the Montreal market
Strengthens Cominar's position on the South Shore of Montréal, enabling it to achieve enhanced operational synergies in this market place
High quality office building located in Montréal
Capitalisation rate of approximately 7.0%, allowing Cominar to deliver accretion to its unitholders
Portfolio occupancy rate: 97.2%
 
Cominar Real Estate Investment Trust announced the acquisition of a high-quality portfolio of 18 industrial properties primarily located on the South Shore of Montréal and one office property located in Montréal, for a purchase price of $149.8 million, subject to certain closing adjustments. The portfolio represents a total of approximately 1.8 million square feet of leasable area, consisting of approximately 1.7 million square feet of industrial space and approximately 0.1 million square feet of office space. As part of this transaction, Cominar also acquired a vacant lot of 173,569 square feet located in Saint-Bruno-de-Montarville, for $1.4 million. The portfolio has an occupancy rate of 97.2%.
 
Mr. Michel Dallaire, Cominar's President and Chief Executive Officer, said: "We are most excited by this acquisition which strengthens Cominar's position on the South Shore of Montréal, which will enable us to better serve the needs of our clients and to achieve enhanced operational synergies."
 
Mr. Sylvain Cossette, Executive Vice-President and Chief Operating Officer of Cominar, added: "We are pleased with the addition to Cominar's portfolio of these high quality properties, the majority of which are "new generation" buildings or have been renovated with clear ceiling height of 24 feet or more. This acquisition represents a capitalisation rate of approximately 7.0% which allows Cominar to deliver accretion to its unitholders."
 

on February 8, 2013