TORONTO, ONTARIO–(Marketwired – March 4, 2015) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE
Retrocom Real Estate Investment Trust (TSX:RMM.UN) (the “REIT”) announced today a $30 million redevelopment of its Golden Mile Shopping Centre in Regina, Saskatchewan around a brand new 92,000 square foot Real Canadian Superstore®, together with a renovation of the balance of the shopping centre.
“Golden Mile enjoys a great location and has been part of the Regina community for over 50 years. The opening of a new Real Canadian Superstore is exciting news and this redevelopment will ensure this shopping centre will serve the needs of the community for many years to come. Together with our recent renovations at Southland Mall, Retrocom’s reinvestment in the City of Regina will total approximately $50 million over the course of five years, solidifying our position in this growing market and achieving leasing efficiencies,” said Richard Michaeloff, President and Chief Executive Officer of the REIT.
“We are very excited to be building a new Real Canadian Superstore in Regina,” said Gordon Chem, Executive Vice President, Discount Division, Loblaw Companies Limited. “Once complete, this store will provide customers with a great selection of fresh food, general merchandise and of course the President’s Choice® and no name® products our customers love.”
Construction will begin shortly and will be carried out in phases in order to accommodate a number of tenant relocations. The Real Canadian Superstore will occupy the central portion of the Centre and is expected to open in mid-2017. The final phase will be complete in spring 2018 with the opening of several new national tenants in the space currently occupied by the Extra Foods® store. On completion, Golden Mile will have approximately 20,000 square feet of additional leasable area, to bring the total gross leasable area to 255,000 square feet.
About Retrocom REIT
Retrocom REIT is an unincorporated, open-end real estate investment trust which focuses on owning and acquiring retail properties across Canada with the goal of enhancing long-term Unitholder value. For additional information please see our website at: www.retrocomreit.com.
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
Chief Executive Officer
(416) 741-7993 (FAX)