Entertainment Properties Trust Gets Toronto Shopping Center Out of Receivership

Edited: Jennifer Brenner
Source: Entertainment Properties Trust

Entertainment Properties Trust (EPR) recently completed the acquisition of the Toronto Dundas Square project, previously in receivership, by paying off senior debt of approximately $120 million Canadian. As a result of the closing of this acquisition, the Company's second mortgage note on the project has been extinguished. In conjunction with the acquisition, the Company has closed on a $100 million Canadian first mortgage credit facility with a group of banks.

Toronto Dundas Square is a 13-level entertainment retail center located in downtown Toronto, consisting of approximately 330,000 square feet of net rentable area, including one of the highest grossing theatre complexes in Canada, as well as 25,000 square feet of digital and static signage.

David Brain, president and CEO, commented on the acquisition, “We are very pleased to own such a premiere asset located at one of the busiest intersections in downtown Toronto. This property has excellent tenants such as AMC Theaters, Future Shop, Google and Adidas and we are excited about the added potential for significant growth in signage income.”

Entertainment Properties Trust is a real estate investment trust (REIT) that develops, owns, leases, and finances properties for consumer-preferred, high-quality businesses. EPR's investments are guided by a focus on inflection opportunities that are associated with or support enduring uses, excellent executions, attractive economics, and an advantageous market position. EPR’s total assets exceed $2.6 billion and include megaplex movie theatres and entertainment retail centers, as well as other destination recreational and specialty investments.