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Abstract
Retrocom Mid-Market Real Estate Investment Trust (TSX:RMM.UN)(the "REIT" or "Retrocom") announced today that its has closed the REIT's previously announced acquisition of four properties for a purchase price of approximately $55 million from a vendor group (the "Vendors") led by Mr. Mitchell Goldhar, owner of SmartCentres Inc. The purchase price, which represents a 9% capitalization rate on estimated 2008 net operating income for the four properties, was satisfied by the assumption of existing mortgage debt in the amount of approximately $8.9 million and the issuance to the Vendors of 9,110,268 Class B units of Retrocom Limited Partnership (the "Class B Units") at a price of $5.00 per unit and an equivalent number of special voting units of the REIT (the "Special Voting Units"). The Class B Units are exchangeable on a one-for-one basis for trust units of the REIT and the Special Voting Units carry the same voting rights as trust units of the REIT. As a result of the transaction, Mitchell Goldhar has voting control over approximately 38% of the votes attached to all of the securities of the REIT.