TORONTO, ONTARIO–(Marketwired – Sept. 15, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
European Commercial Real Estate Investment Trust (“EC-REIT”) (TSX VENTURE:ERE.UN) announced today the implementation of a distribution reinvestment plan (“DRIP”) effective as of September 14, 2017, which allows holders (“Unitholders”) of trust units of EC-REIT (“Units”) and holders of Class B limited partnership units of ECRE Limited Partnership (“Class B LP Units”), a subsidiary of EC-REIT, the opportunity to acquire additional Units at the volume-weighted average closing price of the Units for the last five trading days preceding the applicable distribution payment date on which trades of the Units were recorded. In addition, Unitholders that elect to participate under the DRIP will receive an additional distribution of Units with a value up to 5% of each distribution that was reinvested by the Unitholder. The TSX Venture Exchange has initially approved the issuance of a total of 1,667,000 Units pursuant to the DRIP, which represents 10% of the total issued and outstanding Units and Class B LP Units, the maximum permissible by the TSX Venture Exchange. EC-REIT will determine for each distribution payment date the amount of new Units, if any, that will be made available under the DRIP on that date. No assurances can be made that new Units will be made available under the DRIP on a regular basis, or at all. The participation rate of Unitholders, including insiders of EC-REIT, in the DRIP is not currently known to EC-REIT.
EC-REIT’s Board of Trustees previously declared an initial cash distribution of $0.14389 per Unit ($0.35 per Unit annualized) to unitholders of record on September 30, 2017 to be paid on October 13, 2017. Subject to the terms of the DRIP, Unitholders will be eligible to participate in the DRIP in connection with this distribution. The REIT will not issue any fractional Units pursuant to the DRIP and will instead round any such fractional Units down to the nearest whole number.
About European Commercial Real Estate Investment Trust
EC-REIT is an unincorporated, open-ended real estate investment trust focused on aggregating a bespoke portfolio of high-quality, non-prime core commercial real estate assets in key European markets with strong fundamentals. EC-REIT’s strategy is designed primarily to deliver long-term, secure income with additional potential for capital appreciation. EC-REIT intends to grow by acquiring additional assets consistent with its strategy and which are expected to be accretive, on a per Unit basis, to its earnings. EC-REIT’s Units are listed on the TSXV under the symbol ERE.UN.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although EC-REIT believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, EC-REIT disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
Chief Executive Officer
European Commercial Real Estate Investment Trust