Centrefund Realty Corporation - Further Expansions at the New Fairview Mall - St. Catharines.TORONTO--(BUSINESS WIRE)--Oct. 1, 1996-- Centrefund Realty Co(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CFE. ) Centrefund Realty Corporation announced today that it has completed the sale of approximately 6 acres of land adjoining its Fairview Mall in St. Catharines, Ontario St. Catharines (2006 population 131,989; metropolitan population 390,317) is the largest city in the Niagara Region and the sixth largest urban area in Ontario, Canada, with 97.11 square kilometres (37.5 sq mi) of land. . "The property will be developed by Loblaws to create a new 78,000 square foot Zehr's Plus supermarket" Peter F. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said. "The transaction generated a net gain on sale of approximately 3 cents per common share which will be reported in the Company's 3rd quarter results" he added. The Company made two additional announcements concerning its Fairview Mall property. First it announced that it has agreed to acquire the existing 56,000 square foot Zehr's store which will be remerchandised to accommodate 2 - 3 large format retailers. It is anticipated that the remerchandising will be completed by the 4th quarter of 1997. Second, the Company announced that it has undertaken the expansion of the existing Cineplex theatre at Fairview Mall to add 4 screens and 12,000 square feet of rentable area. Upon completion in early 1997, the 32,000 square foot 9 screen complex will be the largest in the Niagara Peninsula. "Each of these initiatives will enhance the customer drawing power of Fairview, which in turn will further improve this already successful project," Mr. Cohen added. Centrefund is engaged in the acquisition and ownership of neighbourhood and community shopping centres in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. and owns 24 properties containing approximately 4.4 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. . Since its initial public offering in March of 1994, Centrefund has grown its shopping centre portfolio almost fivefold. CONTACT: Centrefund Realty Corporation Peter F. Cohen, C.A., 416/ 515-1400 |
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