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SmartCentres REIT to redeem debentures due 2020

SmartCentres Real Estate Investment Trust plans to fully redeem 5.50% extendible convertible unsecured subordinated debentures due June 30, 2020.

The debentures will be redeemed July 4 at C$1,000 plus accrued and unpaid interest of 60 cents per C$1,000 principal amount.

SmartCentres assumed the debentures when it acquired a 12-property portfolio from OneREIT.

The Canadian retail REIT plans to use cash on hand and its revolving credit line to fund the redemption.

As of the close of business May 24, about C$36.3 million worth of debentures were outstanding.