SmartCentres Announces Disposition of Non-Core Asset in Maple Ridge B.C.
13 Dezember 2021 - 3:00PM
SmartCentres Real Estate Investment Trust (“SmartCentres” or the
“REIT”) (TSX:SRU.UN), announces the disposition of its non-core
enclosed mall property, ‘Haney Place Mall’, in Maple Ridge, British
Columbia. The property was sold at a sub 5% capitalization rate,
representing a premium in excess of 30% over IFRS value. The
proceeds from this all-cash transaction will be used to reduce debt
and strengthen the balance sheet, as well as free up human capital
to further facilitate the REIT’s transformation program.
“The significant gains realized from the sale of
this property reflect value embedded in the SmartCentres portfolio
as a whole,” said Mitchell Goldhar, Executive Chairman and CEO of
SmartCentres. “We are committed to maintaining a strong balance
sheet while transitioning our portfolio through transactions like
this and redeploying capital to higher and better uses.”
About SmartCentres
SmartCentres Real Estate Investment Trust is one
of Canada’s largest fully integrated REITs, with a best-in-class
portfolio featuring 168 strategically located properties in
communities across the country. SmartCentres has approximately
$10.2 billion in assets and owns 33.9 million square feet of income
producing value-oriented retail space with 97.6% occupancy, on
3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the
lives of Canadians by planning and developing complete, connected,
mixed-use communities on its existing retail properties. Project
512, a publicly announced $13.1 billion intensification program
($7.8 billion at SmartCentres' share) represents the REIT’s current
major development focus on which construction is expected to
commence within the next five years. This intensification program
consists of rental apartments, condos, seniors’ residences and
hotels, to be developed under the SmartLiving banner, and retail,
office, and storage facilities, to be developed under the
SmartCentres banner.
SmartCentres' intensification program is
expected to produce an additional 54.7 million square feet (32.2
million square feet at SmartCentres’ share) of space, 27.0 million
square feet (15.9 million square feet at SmartCentres’ share) of
which has or will commence construction within the next five years.
From shopping centres to city centres, SmartCentres is uniquely
positioned to reshape the Canadian urban and urban-suburban
landscape.
Certain statements in this Press Release are
"forward-looking statements" that reflect management's expectations
regarding the Trust's future growth, results of operations,
performance and business prospects and opportunities. More
specifically, certain statements including, but not limited to,
statements related to SmartCentres’ expected or planned development
plans and joint venture projects, including the described type,
scope, costs and other financial metrics, expectations surrounding
the closing of the acquisition including purchase price and
anticipated funding of the purchase price and statements that
contain words such as "could", "should", "can", "anticipate",
"expect", "believe", "will", "may" and similar expressions and
statements relating to matters that are not historical facts,
constitute "forward-looking statements". These forward-looking
statements are presented for the purpose of assisting the Trust's
Unitholders and financial analysts in understanding the Trust's
operating environment and may not be appropriate for other
purposes. Such forward-looking statements reflect management's
current beliefs and are based on information currently available to
management.
However, such forward-looking statements involve
significant risks and uncertainties. A number of factors could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including risks
associated with potential acquisitions not being completed or not
being completed on the contemplated terms, public health crises
such as the COVID-19 pandemic, real property ownership and
development, debt and equity financing for development, interest
and financing costs, construction and development risks, ability to
obtain commercial and municipal consents for development. These
risks and others are more fully discussed under the heading “Risks
and Uncertainties” and elsewhere in the SmartCentres’ most recent
Management’s Discussion and Analysis, as well as under the heading
“Risk Factors” in SmartCentres’ most recent annual information
form. Although the forward-looking statements contained in this
press release are based on what management believes to be
reasonable assumptions, SmartCentres cannot assure investors that
actual results will be consistent with these forward-looking
statements. The forward-looking statements contained herein are
expressly qualified in their entirety by this cautionary statement.
These forward-looking statements are made as at the date of this
Press Release and SmartCentres assumes no obligation to update or
revise them to reflect new events or circumstances unless otherwise
required by applicable securities legislation.
Material factors or assumptions that were
applied in drawing a conclusion or making an estimate set out in
the forward-looking information may include, but are not limited
to: a stable retail environment; relatively low and stable interest
costs; a continuing trend toward land use intensification,
including residential development in urban markets and continued
growth along transportation nodes; access to equity and debt
capital markets to fund, at acceptable costs, future capital
requirements and to enable our refinancing of debts as they mature;
that requisite consents for development will be obtained in the
ordinary course, construction and permitting costs consistent with
the past year and recent inflation trends.
For more information, visit www.smartcentres.com
or please contact:
Mitchell
Goldhar |
Peter
Sweeney |
Executive Chairman and CEO |
Chief Financial Officer |
SmartCentres |
SmartCentres |
(905) 326-6400 ext. 7674 |
(905) 326-6400 ext. 7865 |
mgoldhar@smartcentres.com |
psweeney@smartcentres.com |
SmartCentres Real Estate... (TSX:SRU.UN)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
SmartCentres Real Estate... (TSX:SRU.UN)
Historical Stock Chart
Von Apr 2023 bis Apr 2024