/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO,
Aug. 1,
2024 /CNW/ - SmartCentres Real Estate Investment
Trust ("SmartCentres" or the "Trust") (TSX: SRU.UN) announced today
that it has closed its previously announced private placement of
$350 million aggregate principal
amount of 5.162% Series AA senior unsecured debentures. The Series
AA debentures will mature on August
1, 2030. The debentures were offered on an agency
basis by a syndicate of agents led by Scotiabank, CIBC Capital
Markets, Desjardins Securities, RBC Capital Markets and TD
Securities as joint bookrunners, and National Bank Financial,
Mizuho Securities, BMO Capital Markets and Casgrain as co-managers. Morningstar DBRS has
provided SmartCentres with a credit rating of BBB with a stable
trend relating to the debentures.
The net proceeds to SmartCentres from the sale of
the Series AA debentures, will be used to refinance existing
debt, including the repayment of its $100 million Series O senior unsecured debentures
due August 28, 2024, and for general
corporate purposes.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy, any securities in
any jurisdiction. The debentures offered have not been and will not
be registered under the U.S. Securities Act of 1933 and state
securities laws. Accordingly, the debentures may not be offered or
sold to U.S. persons except pursuant to applicable exemptions from
registration requirements.
About SmartCentres
SmartCentres is one of Canada's largest fully integrated REITs, with
a best-in-class and growing mixed-use portfolio featuring 193
strategically located properties in communities across the country.
SmartCentres has approximately $11.9
billion in assets and owns 35.1 million square feet of
income producing value-oriented retail and first-class office
properties with 97.7% in place and committed occupancy, on 3,500
acres of owned land across Canada.
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 the anticipated use of proceeds of the
offering, 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,
real property ownership and development, debt and equity financing
for development, interest and financing costs, construction and
development risks, and the 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 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; 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.
SOURCE SmartCentres Real Estate Investment Trust
