May 12, 2016 / 8:47 PM / a year ago

BRIEF-Crombie REIT announces $418 million portfolio transaction

2 Min Read

May 12 (Reuters) - Crombie Real Estate Investment Trust

* Crombie REIT announces $418 million portfolio transaction and public offering of $131.6 million subscription receipts

* $324.6 million cash portion to be funded through public offering of $131.6 million of subscription receipts, revolving term credit facility

* Transaction will be funded through payment of approximately $324.6 million in cash and empire or its subsidiaries

* To purchase 2 parcels of development land, to invest in renovation and expansion of 10 properties anchored by Sobeys

* Properties, DCs, and land acquired from wholly-owned subsidiaries of Empire Company limited for approximately $360 million

* Says deal immediately accretive to REIT's adjusted funds from operations

* To purchase portfolio of 19 retail properties, 50% interest in three distribution centres

* Including modernizations investment of approximately $58 million, transaction totals approximately $418 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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