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Cominar REIT may buy 68 properties from GE Capital with proceed from public offering

Financial Post
Cominar owns a real estate portfolio of 415 high-quality properties, consisting of 82 office, 158 retail and 175 industrial and mixed-use buildings, including this building in Montreal.

Cominar owns a real estate portfolio of 415 high-quality properties, consisting of 82 office, 158 retail and 175 industrial and mixed-use buildings, including this building in Montreal.


QUEBEC — Cominar Real Estate Investment Trust says it received $276-million in net proceeds from its public offering of equity units and may use the money towards the cost of buying 68 properties from GE Capital Real Estate.



The GE Capital deal includes 14 office buildings and one vacant lot of land in Ottawa, 23 office properties and 23 industrial properties in Montreal and four office properties and three industrial properties in Quebec City.

Cominar said Tuesday it plans to use the money to finance a portion of the $697-million purchase or it could use the proceeds to pay down outstanding debt.

Cominar has grown to be the third-largest diversified real estate investment trust in Canada and the largest commercial property owner in Quebec.



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