CT Real Estate Investment Trust Announces New Lease for 625,000 Square Foot Calgary Distribution Centre
January 10, 2018 at 08:41 am
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CT Real Estate Investment Trust announced that it has received from Sears Canada Inc. a notice to disclaim the Sears distribution centre lease in Calgary, Alberta, which CT REIT does not intend to oppose. It is expected that Sears will vacate the distribution centre on or before February 3, 2018. The Sears Calgary distribution centre is comprised of two adjacent properties a 625,000 square foot distribution centre located at 25 Dufferin Place SE and a 30,000 square foot building located at 5500 Dufferin Boulevard SE. CTC currently occupies and leases from CT REIT the 201,000 square foot building known as 11 Dufferin Place SE, which is next to 25 Dufferin Place SE. CTC will move its existing operations at 11 Dufferin Place SE to 25 Dufferin Place SE. It was a condition of CTC entering into the new lease that the lease for 11 Dufferin Place SE be terminated. CT REIT expects there will be an interruption in cash flows at 11 Dufferin Place SE as a result of the termination. Both 11 Dufferin Place SE and the 30,000 square foot building located at 5500 Dufferin Boulevard SE will be available for lease.
CT Real Estate Investment Trust is a Canada-based unincorporated, closed-end real estate investment trust (REIT) formed to own income-producing commercial properties located primarily in Canada. The Company's principal objective is to invest primarily in net lease, single tenant assets, is to create unitholder value over the long-term by generating reliable, durable and growing monthly distributions on a tax-efficient basis. To achieve this objective, management is focused on expanding the REIT's asset base while also increasing its adjusted funds from operations (AFFO) per unit. Its portfolio is comprised of over 370 properties totaling approximately 30 million square feet of gross leasable area, consisting primarily of net lease single-tenant retail properties located across Canada. Its property types include development, industrial, mixed use, multi-tenant and single tenant. Its properties are located in various regions, such as Western Canada, Atlantic Canada, Ontario and Quebec.
CT REAL ESTATE INVESTMENT TRUST 
