UP !! on an EX-DIV day ...... very nice.Looks like CWT will be getting their share of the WalMart expansion action according to the report below
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Globe says RioCan, Calloway revive moribund CMBS market
2011-01-27 05:27 MT - In the News
See In the News (C-REI) RioCan Real Estate Investment Trust
The Globe and Mail reports in its Thursday edition that two real estate companies are tapping the commercial mortgage-backed securities market for $206-million in the first deal of its kind since 2007. The Globe's Steve Ladurantaye writes that up to 2008, real estate companies went to the CMBS market for about $4-billion a year in low-cost financing. The market vanished as lenders retreated and investors shunned higher-risk securities, forcing real estate companies to obtain mortgages almost exclusively from large banks. The resurgence could make it cheaper for real estate companies to raise the money they need to expand their portfolios. It will also give investors other than banks the chance to add secured mortgages to their portfolios. A deal put together by Institutional Mortgage Securities Canada will see RioCan REIT and Calloway REIT take out mortgages on 16 properties, which will then be securitized and sold to investors looking for yield. The properties behind the deal are so-called power centres in cities such as Winnipeg, Edmonton and Sherbrooke. Many have a Wal-Mart as an anchor tenant, with other retailers such as Shoppers Drug Mart and Rona also taking space