TORONTO, Oct. 06, 2017 (GLOBE NEWSWIRE) -- Smart Real Estate Investment Trust ("SmartREIT") (TSX:SRU.UN) today announced that it is issuing a notice of redemption to holders of the 5.45% convertible unsecured debentures due June 30, 2018 (the “Debentures”), representing a redemption in full of all of the currently outstanding Debentures. The Debentures were assumed by SmartREIT from OneREIT on October 4, 2017 in connection with the closing of SmartREIT’s acquisition of a portfolio of 12 properties from OneREIT. The Debentures will be redeemed on November 6, 2017 (the "Redemption Date"), in accordance with their terms. The Debentures will be redeemed at a total redemption price of $1,000 plus accrued and unpaid interest of $19.26 up to but excluding the Redemption Date, both per $1,000 principal amount. As at the close of trading on October 4, 2017, the aggregate principal amount of the Debentures outstanding was $40,000,000. SmartREIT intends to use cash on hand and to draw from its existing revolving line of credit to pay the redemption price.
The Debentures are listed for trading on the Toronto Stock Exchange under the symbol “SRU.DB.A” and may be converted in accordance with their terms into units of SmartREIT until the close of business on November 3, 2017.
About SmartREIT
SmartREIT is one of Canada’s largest real estate investment trusts with total assets of approximately $9.3 billion. It owns and manages 34 million square feet in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. In addition, SmartREIT is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the SmartCentres Place in the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centres.
SmartREIT’s core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed-use developments in urban settings. With SmartREIT’s 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centres across the country. SmartREIT is now a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction – all under one roof. For more information on SmartREIT, visit www.smartreit.com.
For more information, please contact:
Peter Sweeney
Chief Financial Officer
Smart Real Estate Investment Trust
(905) 326-6400 ext. 7865
psweeney@smartreit.com