TORONTO, April 27, 2018 (GLOBE NEWSWIRE) -- Canadian Real Estate Investment Trust (“CREIT”) (TSX:REF.UN) is pleased to announce that it has entered into an agreement to acquire a 50% interest in a development parcel in Toronto, Ontario to develop a purpose-built rental project. 

The property is approximately 0.9 acres, located at 27 Grosvenor Street/26 Grenville Street, near the intersection of Yonge Street and College Street (the “Property”).  The Property is in an exceptional location that is within walking distance to College TTC subway station, the University of Toronto, the hospital network and the downtown financial core.          

The Property is being acquired in partnership with Greenwin Inc. (“Greenwin”) as part of the first phase of the Provincial Affordable Housing Lands Program, which was established to leverage provincial land assets in order to develop a mix of market and affordable housing across the Province of Ontario.  CREIT and Greenwin plan to deliver a two-tower, purpose-built rental community with approximately 700 units, 30% of which will be maintained as affordable rental housing for a period of 40 years. 

The closing of the acquisition of the Property is scheduled to occur in the first half of 2019.  Typical due diligence conditions have been satisfied and the agreement is subject only to severance and other standard closing conditions.

Cary Green, Chairman of Greenwin, said, “Our city is in need of affordable housing and we are excited to partner with the Ministry of Housing and the City of Toronto to deliver on this important objective in creating sustainable, affordable housing in a mixed-income setting. Together, with our partner CREIT, we are looking forward to executing on this unique opportunity.”

Rael Diamond, President and Chief Operating Officer of CREIT, added, “We are delighted to enter into another partnership with Greenwin on this well-located property.  Development projects of this calibre are difficult to acquire, so we are very pleased to have the opportunity to add this project to our development pipeline.” 

About Canadian Real Estate Investment Trust

CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, industrial, office and residential properties.

About Greenwin

Greenwin is one of Canada’s largest privately owned, full-service property management and development firms. Headquartered in Toronto, Greenwin is known as a leader in multi-family housing, non-profit and affordable housing, social housing and commercial properties. Greenwin’s portfolio includes more than 15,000 residential units and 1,000,000 square feet of commercial space.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions. Forward-looking statements reflect current estimates, beliefs and assumptions, which are based on CREIT's perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Numerous risks and uncertainties could cause actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. CREIT disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.  

For further information

Canadian Real Estate Investment Trust

Rael Diamond
President and Chief Operating Officer
416-628-7861
rdiamond@creit.ca

Mario Barrafato
Executive Vice President and Chief Financial Officer
416-628-7872
mbarrafato@creit.ca