EDMONTON, Alberta,– Melcor Real Estate Investment Trust (Melcor REIT – TSX: MR.UN) today announced that it has acquired a retail property with warehouse space in Calgary, Alberta for $12.45 million (excluding closing costs).
Andrew Melton, President and Chief Executive Officer of Melcor REIT commented: “This acquisition fits well with our strategy to grow in markets we know well and represents the continued redeployment of capital from our asset recycling program. Being funded by the REIT’s line of credit, this acquisition will be immediately accretive to AFFO.”
- Single-user retail and warehouse building with total gross leasable area of 56,084 square feet on 3.0 acres leased to national tenant
- 15-year lease with rent escalations
- Purchased for $12.45 million ($221.99/sf)
- Strategically located in Northeast Calgary, Alberta along a central retail node
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in western Canada. Its portfolio is currently made up of interests in 38 properties representing approximately 2.93 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.