NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Crombie Real Estate Investment Trust ("Crombie" or the "REIT") (TSX:CRR.UN)
announced today that it has entered into an agreement to purchase a portfolio of
sixty eight (68) retail properties (the "Properties") representing approximately
3.0 million square feet of 100% occupied gross leasable area ("GLA") (the
"Acquisition"). The Properties are being acquired from a wholly-owned subsidiary
of Sobeys Inc. ("Sobeys") for an aggregate purchase price of $990 million,
subject to certain customary adjustments. All of the Properties are located in
Western Canada, with 39.6% of the Properties' GLA located in British Columbia,
42.6% in Alberta, 4.8% in Saskatchewan and 13.0% in Manitoba.
The Properties are currently indirectly owned by Canada Safeway Limited ("Canada
Safeway") and are anchored by a Canada Safeway store. Pursuant to the
announcement released by Empire Company Limited ("Empire") on June 12, 2013,
Sobeys and certain of its affiliates have entered into an agreement to purchase
substantially all of the assets of Canada Safeway and its subsidiaries,
including the Properties, for a cash purchase price of $5.8 billion (the "Canada
Safeway Acquisition"). Empire also announced that part of the financing of this
transaction will be through the sale-leaseback of approximately $1 billion of
retail grocery-anchored real estate acquired as part of the Canada Safeway
Acquisition. The Acquisition, which represents the realization of Empire's
contemplated sale-leaseback transaction, is expected to close concurrently with
the Canada Safeway Acquisition and is conditional upon the closing of the Canada
Safeway Acquisition and receipt of required unitholder and regulatory approvals.
Highlights of the Acquisition include:
-- Expected to be immediately accretive to the REIT's adjusted funds from
operations ("AFFO") as measured on a per unit basis upon closing of the
Acquisition (the "Acquisition Closing").
-- $57.1 million in net operating income ("NOI") plus development
opportunities related to 17 locations, 15 of which are located in
Vancouver, Edmonton, Calgary and Winnipeg, which increases Crombie's
inventory of development properties.
-- Materially expands the size of the REIT's portfolio, growing Crombie's
total GLA from 14.5 million square feet to 17.5 million square feet.
-- Substantially improves the REIT's geographic diversification, with
approximately 31% of Crombie's annual minimum rent to be derived from
properties located in British Columbia, Alberta, Saskatchewan and
Manitoba (vs. approximately 10% currently).
-- Properties will be leased to Sobeys under a series of fully net leases
pursuant to which Sobeys will be responsible for all property
maintenance costs associated with the Properties, including capital
expenditures, over the 19.4 year average effective term of the leases,
resulting in higher free cash flow generation.
-- Sobeys will represent a larger percentage of the REIT's tenant base,
growing to approximately 49% of the Crombie's total annual minimum rent
(vs. approximately 34% currently).
-- Acquisition to be fully funded through (i) a bought-deal public offering
of $225 million of subscription receipts and $75 million of convertible
extendible unsecured subordinated debentures, (ii) a $150 million
private placement of Class B LP Units of Crombie Limited Partnership to
ECL Developments Limited ("ECL"), a wholly-owned subsidiary of Empire
and (iii) draws on three senior secured non-revolving term credit
facilities of up to $600 million in the aggregate (the "Bridge
Facilities").
Donald E. Clow, FCA, President and CEO, commented "We are very excited to have
the opportunity to acquire this attractive portfolio of assets from Sobeys. The
geographic location of these assets is highly complementary to our existing core
portfolio, providing greater exposure to Western Canadian markets and
solidifying Crombie's position as a truly national retail landlord. Furthermore,
this portfolio contains a significant number of assets that are located in key,
highly sought-after urban locations that are difficult to acquire. This
acquisition is consistent with Crombie's core strategy of owning high quality
grocery and drug-store anchored retail centres in attractive locations across
the country."
Mr. Clow added that "We expect the transaction to be immediately accretive to
the REIT's adjusted funds from operations per unit and to improve our cost of
capital as well as our flexibility of capital sources."
Description of the Properties to be Acquired
The Properties represent an aggregate of approximately 3.0 million square feet
of GLA and consist of 49 freestanding stores and 19 retail plazas, each anchored
by a Canada Safeway grocery store. Upon the Acquisition Closing, Sobeys will
enter into long term leases for each Property that provide for minimum annual
rents of approximately $57.1 million in the aggregate.
As detailed in the table below, all of the Properties are located in Western
Canada, with a high concentration of the assets located in highly sought-after
urban locations.
Location Property Address GLA
Type (Sq. Ft.)
----------------------------------------------------------------------------
British Columbia
Castelgar Single Tenant 1721 Columbia Avenue 25,000
Chilliwack Single Tenant 45850 Yale Road 50,000
Coquitlam Single Tenant 1033 Austin Road 20,000
Cranbrook Single Tenant 1200 Baker Street 47,000
Kamloops Single Tenant 750 Fortune Drive 45,000
Kamloops Single Tenant 945 Columbia Street W 47,000
Kelowna Single Tenant 697 Bernard Avenue 24,000
Langley Single Tenant 20871 Fraser Highway 53,000
Langley Single Tenant 27566 Fraser Highway 43,000
Mission Multi Tenant 32520 Lougheed Highway 55,000
New Westminster Single Tenant 800 McBride Boulevard 43,000
Penticton Multi Tenant 1303 Main Street 63,000
Port Coquitlam Single Tenant 2850 Shaughnessy Street 49,000
Prince Albert Multi Tenant 200 2 Avenue W 46,000
Quesnel Single Tenant 445 Reid Street 25,000
Richmond Single Tenant 6140 Blundell Road 28,000
Smithers Single Tenant 3664 Yellowhead Highway 43,000
Surrey Single Tenant 8860 152 Street 52,000
Surrey Multi Tenant 7450 120 Street 52,000
Trail Multi Tenant 1599 Second Avenue 25,000
Vancouver Multi Tenant 2733 West Broadway 55,000
Vancouver Multi Tenant 3410 Kingsway 48,000
Vancouver Multi Tenant 1641 & 1653 Davie Street 40,000
Vancouver Single Tenant 990 King Edward Avenue W 28,000
Vancouver Single Tenant 1170 27 Street E 37,000
Vancouver(i) Single Tenant 1175 Mount Seymour Road 36,000
Vancouver Single Tenant 1780 East Broadway 42,000
Vernon Single Tenant 3417 30 Avenue 31,000
Vernon Single Tenant 4300 32 Street 48,000
---------
Total British Columbia 1,200,000
Alberta
Banff(i) Single Tenant 318 Marten Street 19,000
Brooks Multi Tenant 404 Cassils Road 54,000
Calgary Single Tenant 813 11 Avenue SW 38,000
Calgary Single Tenant 524 Elbow Drive SW 24,000
Calgary Single Tenant 410 10 Street NW 36,000
Calgary Single Tenant 55 Castleridge Boulevard NE 53,000
Calgary Single Tenant 99 Crowfoot Crescent NW 71,000
Calgary Single Tenant 3550 32 Avenue NE 65,000
Calgary Single Tenant 850 Saddletowne Circle NE 51,000
Calgary Multi Tenant 2425 34 Avenue SW 46,000
Calgary Single Tenant 5048 16 Avenue NW 42,000
Calgary Multi Tenant 5607 4 Street NW 49,000
Calgary Multi Tenant 4915 130 Avenue SE 54,000
Chestermere Single Tenant 135 Chestermere Station Way 43,000
Edmonton Single Tenant 500 Manning Crossing NW 49,000
Edmonton Single Tenant 12950 137 Avenue NW 55,000
Edmonton Multi Tenant 10930 82 Ave NW 34,000
Edmonton Single Tenant 2534 Guardian Road NW 49,000
Fort McMurray Single Tenant 9601 Franklin Avenue 40,000
Grande Prairie Multi Tenant 9925-9927 114 Avenue 62,000
Grande Prairie Multi Tenant 8100 100 Street 66,000
Lethbridge Single Tenant 1702 23 Avenue N 44,000
Lethbridge Multi Tenant 2750 Fairway Plaza Road S 64,000
Okotoks Single Tenant 610 Big Rock Lane 42,000
Red Deer Single Tenant 4407 50 Avenue 56,000
Stony Plain Single Tenant 4202 South Park Drive 44,000
Taber Single Tenant 4926 46 Avenue 42,000
---------
Total Alberta 1,292,000
Saskatchewan
Moose Jaw Single Tenant 200 1 Avenue NW 39,000
Prince Albert Single Tenant 2895 2 Avenue W 56,000
Saskatoon Single Tenant 1860 McOrmond Drive 50,000
---------
Total Saskatchewan 145,000
Manitoba
Neepawa Single Tenant 498 Mountain Avenue 18,000
Selkirk Single Tenant 318 Manitoba Avenue 45,000
Winnipeg Multi Tenant 1319 Pembina Highway 39,000
Winnipeg Single Tenant 285 Marion Street 38,000
Winnipeg Single Tenant 2155 Pembina Highway 42,000
Winnipeg Single Tenant 3393 Portage Avenue 55,000
Winnipeg Single Tenant 920 Jefferson Avenue 55,000
Winnipeg Single Tenant 654 Kildare Avenue 43,000
Winnipeg Multi Tenant 499 River Avenue 59,000
---------
Total Manitoba 394,000
---------
Total Acquisition 3,031,000
---------
---------
(i) Ground lease
Impact of the Acquisition on Crombie's Portfolio
The Acquisition will significantly increase the size of Crombie's portfolio,
increasing the REIT's total GLA to 17.5 million square feet. In addition, the
REIT's weighted average lease term will also improve to 12 years upon the
Acquisition Closing and the entering into of the Sobeys Leases (as described
below). The pro forma figures below reflect both the addition of the acquisition
of a property in Beaumont, Alberta on April 30, 2013 and the Acquisition.
As at
March 31, 2013 Pro Forma
----------------------------------------------------------------------------
Number of Properties 175 244
GLA (square feet) 14.5 million 17.5 million
Weighted Average Lease Term 10.3 years 12.0 years
The Acquisition also significantly strengthens Crombie's presence in Western
Canada, solidifying the REIT's position as one of Canada's major national retail
landlords, and substantially improving Crombie's geographic diversification. 80%
of the NOI of the acquired portfolio will be derived from Properties located in
large urban and growing Canadian markets while 62% of the NOI is derived from
Properties in Vancouver, Edmonton, Calgary and Winnipeg.
% of Annual Min.
% of GLA Rent
-----------------------------------------
# of GLA (MM Mar. 31, Pro Mar. 31, Pro
Province Properties Sq. Ft.) 2013 Forma 2013 Forma
----------------------------------------------------------------------------
British
Columbia 29 1.20 0.0% 6.8% 0.0% 8.7%
Alberta 41 2.07 5.0% 11.8% 8.0% 17.2%
Saskatchewan 7 0.41 1.8% 2.4% 2.0% 2.5%
Manitoba 10 0.43 0.3% 2.5% 0.3% 3.1%
Ontario 50 2.89 20.0% 16.5% 23.0% 17.6%
Quebec 21 1.18 8.2% 6.7% 8.8% 6.7%
New Brunswick 23 1.85 12.8% 10.5% 10.0% 7.6%
PEI 2 0.31 2.2% 1.8% 1.8% 1.4%
Nova Scotia 47 5.54 38.3% 31.6% 32.2% 24.6%
Newfoundland
and Labrador 14 1.66 11.4% 9.4% 13.9% 10.6%
---------------------------------------------------------------
Total 244 17.54 100.0% 100.0% 100.0% 100.0%
---------------------------------------------------------------
---------------------------------------------------------------
Crombie will also increase its exposure to Sobeys, Crombie's largest current
tenant. Sobeys will represent 49.1% of annual minimum rent, increasing from
33.6% as at March 31, 2013.
% of Annual
Minimum Rent
------------------------
Pro Forma
March 31, Pro Average Remaining
Tenant 2013 Forma Lease Term
----------------------------------------------------------------------------
Sobeys (1) 33.6% 49.1% 16.1 years
Shoppers Drug Mart 6.7% 5.1% 12.6 years
Empire Theatres Limited 2.0% 1.5% 11.4 years
Province of Nova Scotia 1.7% 1.3% 5.0 years
GoodLife Fitness 1.5% 1.2% 10.0 years
Lawtons/Sobeys Pharmacy 1.5% 1.2% 13.4 years
CIBC 1.4% 1.1% 17.0 years
Best Buy Canada Ltd. 1.3% 1.0% 8.4 years
Bank of Nova Scotia 1.2% 0.9% 3.9 years
Mark's Work Warehouse Ltd. 1.1% 0.8% 4.3 years
----------------------------------------------------------------------------
Total 52.0% 63.2%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1. Excludes Lawtons
Financing of the Acquisition
In order to partially finance the Acquisition, Crombie has agreed to sell,
subject to regulatory approval and on a bought-deal basis, $225 million of
subscription receipts (the "Subscription Receipts") at a price of $12.70 per
Subscription Receipt and $75 million of convertible extendible unsecured
subordinated debentures (the "Debentures") to a syndicate of underwriters co-led
by CIBC World Markets Inc., TD Securities Inc. and Scotia Capital Inc.
On the Acquisition Closing, each Subscription Receipt will convert into one
trust unit of Crombie (the "Units"). The Debentures have an initial maturity
date of March 12, 2014, which will be extended to March 31, 2021 upon
Acquisition Closing. The Debentures have a coupon of 5.25% per annum and will
pay interest semi-annually in arrears on September 30 and March 31 in each year
commencing on September 30, 2013. Each $1,000 principal amount of Debenture is
convertible into approximately 58.309 Units of Crombie at any time, at the
option of the holder, representing a conversion price of $17.15 per Unit.
In addition to the issuance of the Subscription Receipts and Debentures, ECL has
agreed to purchase $150 million of Class B LP Units of Crombie Limited
Partnership on the Acquisition Closing at the same $12.70 offering price as the
Subscription Receipts. Immediately following the Acquisition Closing, Empire
will continue to indirectly hold a 42.1% economic and voting interest in Crombie
(39.3% on a fully-diluted basis).
The REIT has also obtained a commitment from a Canadian chartered bank to
provide the REIT with the Bridge Facilities, which consist of three
fully-underwritten non-revolving credit facilities of up to $600 million in
aggregate to be used in whole or in part to finance part of the purchase price
for the Properties. The Bridge Facilities consist of three senior secured
non-revolving term credit facilities in the maximum principal amounts of $200
million, $200 million and $200 million, each available as a single drawdown, and
maturing on the first, second and third anniversaries, respectively, of the
Acquisition Closing. The Bridge Facilities will bear interest at the applicable
reference rate plus an applicable margin ranging from 0.75% to 2.25% depending
on the nature of loan drawn and the REIT's compliance with respect to certain
financial ratios. The Bridge Facilities are expected to be priced at the
bankers' acceptance rate plus 175 basis points. It is the REIT's intention to
replace draws on the Bridge Facilities with suitable long term debt financing
consistent with Crombie's financing philosophy as soon as possible following the
Acquisition Closing.
This press release shall not constitute an offer to sell, or the solicitation of
an offer to buy, any securities in the United States or any jurisdiction in
which such offer, solicitation or sale would be unlawful. The securities being
offered have not been and will not be registered under the U.S. Securities Act
of 1933, as amended, and may not be offered or sold in the United States absent
registration or pursuant to applicable exemption from registration.
Acquisition Agreement
The Properties are being acquired pursuant to an acquisition agreement (the
"Acquisition Agreement") entered into between Crombie, Sobeys and certain of
their respective subsidiaries on July 24, 2013. The Acquisition Agreement
provides that the Acquisition Closing will take place on the later of September
30, 2013 or the closing of the Canada Safeway Acquisition. The Acquisition
Agreement provides that Sobeys and Crombie may exclude or substitute properties
from the Properties in certain limited circumstances, provided that the minimum
value of the portfolio acquired must be $900 million. The Acquisition Closing is
subject to the satisfaction of a number of conditions, including the closing of
the Canada Safeway Acquisition and receipt of required unitholder and regulatory
approvals. The Canada Safeway Acquisition is scheduled to occur no later than
December 12, 2013, provided that in certain circumstances Sobeys may extend the
closing date for the Canada Safeway Acquisition to no later than March 12, 2014.
If the closing of the Canada Safeway Acquisition does not occur by March 12,
2014, the Acquisition Agreement will terminate unless Crombie agrees to extend
the Acquisition Closing.
Environmental Indemnity
As a condition to the Acquisition Closing, Sobeys will enter into an
environmental indemnity agreement (the "Omnibus Environmental Indemnity
Agreement") with the REIT providing for an unlimited indemnity by Sobeys for any
claims and costs imposed by, under or pursuant to applicable environmental laws
related to the presence of hazardous materials on the applicable Properties
identified in the course of the REIT's environmental due diligence, including
costs of remediation and monitoring work.
Sobeys Leases
As a condition of the Acquisition Closing, Sobeys will enter into a fully net
lease for each of the Properties (the "Sobeys Leases") pursuant to which a
subsidiary of Sobeys shall lease each Property on an "as is where is" basis
without representation or warranty from the REIT. Any third party tenants
occupying any portion of any Properties will become a subtenant of Sobeys.
Each of the Sobeys Leases will be fully net lease to the landlord, such that the
Sobeys tenant shall be responsible for all property taxes, insurance,
maintenance and structural repairs during the term of the lease. The Sobeys
Leases will have an average effective term of 19.4 years after the date of the
lease.
The aggregate annual minimum rents under all the Sobeys Leases will increase
annually by 1.5% per year, with such increases being phased in over time and
beginning to apply with respect to approximately 20% of the Properties in each
year following Acquisition Closing.
Recommendation of the Board of Trustees of Crombie and Unitholder Vote
Sobeys is an affiliate of Empire. As Empire, indirectly through ECL, currently
owns an approximate 42.7% economic and voting interest in Crombie, the
Acquisition constitutes a "related party transaction" under Multilateral
Instrument 61-101 - Protection of Minority Shareholders in Special Transactions
("MI 61-101"). Pursuant to MI 61-101, the REIT was required to obtain, at its
own expense, a formal valuation (the "Independent Valuation") of the Properties
by a qualified valuator who is independent of the REIT. The REIT is also
required, pursuant to MI 61-101, to obtain approval of the Acquisition by a
majority vote of Units held by unitholders unrelated to ECL, at a special
meeting of unitholders held to consider the Acquisition.
The board of trustees of Crombie appointed a special committee of independent
trustees consisting of Brian Johnson (Chair), John Eby, David Graham, Michael
Knowlton, John Latimer and Elisabeth Stroback (the "Special Committee") for the
purposes of, among other things, considering the Acquisition, supervising the
process to be carried out by the REIT and its professional advisors in
connection with the Acquisition, determining whether the Acquisition is in the
best interests of the REIT and, as the Special Committee may determine to be
necessary or advisable, report and make recommendations to the board of trustees
of the REIT (the "Board") with respect to the Acquisition.
The Special Committee was also responsible for supervising the preparation of
the Independent Valuation and retained Cushman & Wakefield Inc. ("Cushman") to
prepare the Independent Valuation. The Special Committee also retained
Brookfield Financial Corp. ("Brookfield"), to act as an independent financial
advisor to the Special Committee in evaluating the Acquisition. Brookfield has
provided the Special Committee with its opinion that the consideration for the
Acquisition is fair, from a financial point of view, to the REIT's unitholders
(the "Fairness Opinion").
The Special Committee has also met with senior management of the REIT as well as
its legal advisors in order to consider various aspects of the Acquisition. The
Special Committee has advised the Board of Trustees of the REIT (the "Board")
that based on, among other things, the terms of the Acquisition Agreement, the
Omnibus Environmental Indemnity Agreement, the Sobeys Leases, the Independent
Valuation, the Fairness Opinion and other financial, market and detailed
property-related information deemed appropriate and sufficient for such
purposes, in its view the Acquisition is fair to Crombie's public unitholders
and in the best interests of Crombie, and has unanimously recommended that the
Board enter into the acquisition agreements and that the Board recommend to
unitholders that they vote in favour of the Acquisition. The Board has resolved
to recommend that unitholders vote in favour of the Acquisition at the
unitholder Meeting.
The private placement to ECL is also a related party transaction within the
meaning of MI 61-101. The Board appointed a committee consisting of Brian
Johnson, Michael Knowlton and Donald Clow, each of whom is independent with
respect to the private placement within the meaning of MI 61-101, to review and
approve the terms of the ECL private placement. The REIT has applied to the
Ontario Securities Commission for exemptive relief from the requirement to
obtain a formal valuation of the Class B LP Units to be issued to ECL on the
basis that the Class B LP Units and the associated Special Voting Units are the
economic and voting equivalents of the Units of the REIT. In addition, under MI
61-101 and the rules of the TSX, the REIT is required to obtain approval of the
private placement by a majority vote of Units held by unitholders unrelated to
ECL, at a special meeting of unitholders held to consider the private placement.
The REIT will be convening a special meeting of its unitholders to consider the
transaction and the ECL private placement. Crombie currently anticipates that
the special meeting will be held on or about September 18, 2013 and that an
information circular containing additional details regarding the business of the
special meeting will be mailed to unitholders in mid-August, 2013.
Conference Call Information
The REIT will hold an analyst call today Wednesday, July 24, 2013 beginning at
3:30 p.m. (Eastern Daylight Time) during which senior management will discuss
the Acquisition and proposed public offering and private placement. To join this
conference call, dial (888) 231-8191 outside the Toronto area or (647) 427-7450
from within the Toronto area. You may also listen to a live audiocast of the
conference call by visiting the Company's website located at
www.crombiereit.com. To secure a line, please call 15 minutes prior to the
conference call. You will be placed on hold until the conference call begins.
The media and investing public may access this conference call via a listen mode
only.
Replay will be available by dialing (855) 859-2056 and entering passcode
24159205 until midnight August 7, 2013, or on the REIT's website for 90 days
following the conference call.
Non-IFRS Measures
Certain terms used in this press release, such as AFFO and NOI, are not measures
defined under International Financial Reporting Standards ("IFRS") and do not
have standardized meanings prescribed by IFRS. AFFO and NOI should not be
construed as an alternative to net earnings or cash flow from operating
activities as determined by IFRS. AFFO and NOI, as presented, may not be
comparable to similar measures presented by other issuers. Crombie believes that
NOI and AFFO are useful in the assessment of its operating performance and that
this measure is also useful for valuation purposes and is a relevant and
meaningful measure of its ability to earn and distribute cash to unitholders.
Examples of reconciliations of AFFO to the most directly comparable measure
calculated in accordance with IFRS are provided in the MD&A of Crombie for the
three months ended March 31, 2013 and year ending December 31, 2012.
About Crombie
Crombie Real Estate Investment Trust is an unincorporated, open-ended real
estate investment trust established under, and governed by, the laws of the
Province of Ontario. The trust invests in income-producing retail, office and
mixed-use properties in Canada, with a future growth strategy focused primarily
on the acquisition of retail properties. Crombie REIT currently owns a portfolio
of 176 commercial properties in nine provinces, comprising approximately 14.5
million square feet of gross leasable area. More information about Crombie REIT
can be found at www.crombiereit.com.
This news release contains forward looking statements that reflect the current
expectations of management of Crombie about Crombie's future results,
performance, achievements, prospects and opportunities. Wherever possible, words
such as "continue", "may", "will", "estimate", "anticipate", "believe",
"expect", "intend" and similar expressions have been used to identify these
forward looking statements, and include statements regarding: the impact of the
Acquisition on the REIT's property portfolio, including without limitation the
effects on NOI, GLA, annual minimum rent and weighted average lease term; the
accretive effects of the Acquisition, the expected pricing of the Bridge
Facility, the REIT's intentions with respect to obtaining replacement financing
for the Bridge Facility; and the expecting timing for closing the offering of
Subscription Receipts and Debentures, the ECL private placement and the
Acquisition. These statements reflect current beliefs and are based on
information currently available to management of Crombie. Forward looking
statements necessarily involve known and unknown risks and uncertainties.
A number of factors, including the risk that the Canada Safeway Acquisition does
not close as expected, the availability of required unitholder and regulatory
approvals, and those risks discussed in the 2012 annual Management Discussion
and Analysis under "Risk Management", could cause actual results, performance,
achievements, prospects or opportunities to differ materially from the results
discussed or implied in the forward-looking statements. These factors should be
considered carefully and a reader should not place undue reliance on the forward
looking statements. There can be no assurance that the expectations of
management of Crombie will prove to be correct.
Readers are cautioned that such forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from these statements. Crombie can give no assurance that actual
results will be consistent with these forward-looking
statements.
Additional information relating to Crombie can be found on Crombie's web site at
www.crombiereit.com or on the SEDAR web site for Canadian regulatory filings at
www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Crombie REIT
Mr. Glenn Hynes, FCA
Chief Financial Officer and Secretary
(902) 755-8100
www.crombiereit.com
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