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SmartREIT to fully redeem debentures due June 30, 2018

Smart Real Estate Investment Trust plans to fully redeem 5.45% convertible unsecured debentures due June 30, 2018, with a C$40.0 million outstanding amount as of market close Oct. 4.

The debentures, which the company assumed as part of its purchase of a 12-property portfolio from OneREIT, will be redeemed Nov. 6. The total redemption price will be C$1,000 per C$1,000 principal amount, plus accrued and unpaid interest of C$19.26 up to but excluding the redemption date.

SmartREIT will fund the redemption using cash on hand and a draw from its existing revolving line of credit.