DBRS Rates Cominar REIT’s $125 Million Series 1 Senior Unsecured Debentures at BBB (low), Trend Stable

DBRS has today assigned a rating of BBB (low), with a Stable trend, to an additional $125 million of 4.274% Series 1 senior unsecured debentures due June 15, 2017 (the Bonds), issued by Cominar Real Estate Investment Trust (Cominar). An aggregate of $250 million of Series 1 Bonds will be outstanding after giving effect to this offering.

The Bonds are direct senior unsecured obligations of Cominar and rank pari passu with all other unsecured and unsubordinated indebtedness of Cominar. The proceeds will be used to fund in part the acquisition of a portfolio of 68 office and industrial properties located primarily in the Montréal and Ottawa areas, representing approximately 4.3 million square feet of leasable area in aggregate from GE Canada Real Estate Equity.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate Entities, which can be found on our website under Methodologies.