Brief: Crombie REIT Announces $161.6 Million Portfolio Disposition

Crombie Real Estate Investment Trust

11/04/2019 12:53

April 11 (Reuters) - Crombie Real Estate Investment Trust
 CRR_u.TO :
    * CROMBIE REIT ANNOUNCES $161.6 MILLION PORTFOLIO
DISPOSITION
    * CROMBIE REAL ESTATE INVESTMENT TRUST - TO SELL AN 89%
NON-MANAGING INTEREST IN A 26 PROPERTY PORTFOLIO
    * CROMBIE REAL ESTATE INVESTMENT TRUST - CROMBIE WILL RETAIN
AN
11% OWNERSHIP INTEREST AND WILL CONTINUE TO MANAGE AND OPERATE
PROPERTIES
    * CROMBIE REAL ESTATE INVESTMENT TRUST - AGGREGATE PURCHASE
PRICE
FOR 89% INTEREST IN 29 PROPERTY PORTFOLIO IS APPROXIMATELY
$190.9 MILLION
    * CROMBIE REIT -  USE OF PROCEEDS WILL BE DIRECTED TOWARDS
FUNDING
OF CAPITAL INVESTMENTS IN SOBEYS OCCUPIED PROPERTIES, REPAYING
EXISTING INDEBTEDNESS
    * CROMBIE - AS PARTIAL CONSIDERATION FOR DEAL, BUYER WILL
ASSUME
AN 89% INTEREST IN 10 MORTGAGES WHICH WILL BE ASSIGNED TO NEW
JOINTLY OWNED NOMINEE

Source text for Eikon:  ID:nCNW1X3mSa 
Further company coverage:  CRR_u.TO 

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