Melcor REIT Announces Acquisition of Liberty Crossing

Melcor REIT announced that it has entered into an unconditional purchase agreement to acquire Liberty Crossing in Red Deer, Alberta for $13.2 million. The acquisition is expected to close on or around December 3, 2013.
Darin Rayburn, Chief Executive Officer of Melcor REIT, commented on the acquisition: "We are excited to enter Red Deer with the acquisition of Liberty Crossing. This property complements our portfolio and expands our retail offering to the growing Red Deer market, an important geographic and economic connector in Alberta."
Management expects that the acquisition will be accretive to AFFO by $0.02 per unit on an annualized basis. The acquisition will be funded through the REIT's line of credit. Following the acquisition, the REIT's Debt to Gross Book Value ratio will increase to 49%, remaining below the targeted range of 50%-55%.
Rayburn continued: "We continue to look at potential acquisitions that fit our acquisition strategy."
About Melcor REIT
For more information, please visit

on November 20, 2013