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TORONTO, Feb. 4, 2016 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced today that its operating subsidiary, Choice Properties Limited Partnership (the "Partnership"), has provided holders of its 3.00% Series 5 debentures due April 20, 2016 (the "Debentures") a notice of redemption pursuant to which the Partnership will redeem the entire outstanding principal amount of Debentures on March 7, 2016 and has fixed March 4, 2016 as the record date for this redemption. As of the date hereof, there is $300 million aggregate principal amount of Debentures outstanding.
On the redemption date, the Debentures will be redeemed in accordance with their terms at a redemption price per $1,000 principal amount of the Debentures equal to $1,000 plus accrued and unpaid interest to but excluding the redemption date of $11.32764429, and will thereafter cease to be outstanding.
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties' portfolio spans approximately 41.6 million square feet of gross leasable area and consists of 519 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through development, accretive acquisitions and active property management. Choice Properties' principal tenant and largest unitholder is Loblaw Companies Limited, Canada's largest retailer. Choice Properties' strong alliance with Loblaw Companies Limited positions it well for future growth. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties' current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties' control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties' 2015 Third Quarter MD&A, 2014 Annual MD&A and current Annual Information Form. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.
SOURCE Choice Properties Real Estate Investment Trust