NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
TORONTO, July 04, 2018 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust ("SmartCentres") (TSX:SRU.UN) announced today that it has redeemed $36,250,000 aggregate principal amount of its 5.50% convertible extendible unsecured debentures due June 30, 2020 (the “Debentures”), representing a redemption in full of all of the outstanding Debentures. The Debentures were assumed by SmartCentres from OneREIT on October 4, 2017 in connection with the closing of SmartCentres’ acquisition of a portfolio of 12 properties from OneREIT. The Debentures were redeemed at a total redemption price of $1,000 plus accrued and unpaid interest of $0.60, both per $1,000 principal amount.
About SmartCentres
SmartCentres is one of Canada’s largest real estate investment trusts with total assets of approximately $9.4 billion. It owns and manages 34 million square feet of retail space in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. The retail centres continue to experience industry-leading occupancy levels of 98.0%. In addition, SmartCentres is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group.
SmartCentres is expanding the breadth of its portfolio to include residential (single-family, condominium and rental), retirement homes, office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its well-located existing shopping centres. For more information on SmartCentres, visit www.smartcentres.com.
For more information, please contact:
Peter Sweeney
Chief Financial Officer
SmartCentres
(905) 326-6400 ext. 7865
psweeney@smartcentres.com