May 6, 2010 (Canada NewsWire Group) -- Artis Real Estate Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") announced today that it has closed four previously announced western Canadian retail property acquisitions for aggregate purchase prices of
"We believe this is an ideal time for Artis to acquire high quality assets in solid western Canadian markets, assets like Production Court that enhance the overall quality and profile of our portfolio, in addition to being accretive to our unitholders," said Armin Martens, CEO of Artis REIT. "We are pleased to take on the full ownership of the
Recently Completed Acquisitions:
Artis previously announced it had entered into a conditional agreement to acquire a 49% interest in the
Proposed Acquisition of
Production Court is a three-building, 297,801 square foot Class A office complex in Burnaby, British Columbia. The property is well located on the highest point in the Lake City Business Centre, which provides for panoramic views from the northern exposure. Production Court is located in close proximity to both bus and sky train stations and boasts other amenities such as an on-site fitness centre and an 846 stall enclosed parking structure. Production Court is currently 100% leased; PMC Sierra, a global semiconductor solution provider, is the largest tenant. The purchase price of
Update on Agreement to Acquire a 100% Interest in the 360 Main Street Property:
Artis currently owns a 38% interest in the 360 Main Street Property. Artis previously announced its intent to acquire an additional 11% interest in the 360 Main Street Property but has subsequently entered into an amended conditional agreement to acquire from the two other co-owners the remaining 62% interest in the property. The 62% interest in the 360 Main Street Property is being acquired for a purchase price of
Artis is a growth oriented real estate investment trust focused exclusively on commercial properties located in primary and growing secondary markets in western
The REIT's Distribution Reinvestment Plan ("DRIP") allows unitholders to have their monthly cash distributions used to purchase trust units without incurring commission or brokerage fees, and receive bonus units equal to 4% of their monthly cash distributions. More information can be obtained at www.artisreit.com.
This press release contains forward looking statements. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward looking statements. Without limiting the foregoing, the words "expects", "anticipates", "intends", "estimates", "projects", and similar expressions are intended to identify forward looking statements. Artis is subject to significant risks and uncertainties which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied in these forward looking statements. Artis cannot assure investors that actual results will be consistent with any forward looking statements and Artis assumes no obligation to update or revise such forward looking statements to reflect actual events or new circumstances. All forward looking statements contained in this press release are qualified by this cautionary statement.