Ravelin Properties REIT Announces Acquisition Of 25% Co-Ownership Interest In Commerce West And Gateway Centre Properties In The Greater Toronto Area And Loan Forbearance On 120 South Lasalle Property In Chicago

(MENAFN- Newsfile Corp) Toronto, Ontario--(Newsfile Corp. - September 8, 2025) - Ravelin Properties REIT (TSX: RPR) ("Ravelin" or the "REIT"), an internally managed global owner and operator of well-located commercial real estate, announces that it (i) has completed the acquisition of a 25% interest in its two co-owned properties located in the Greater Toronto Area ("GTA"), and (ii) has agreed to a September 30, 2025 forbearance period from CIBC Inc. ("CIBC") on certain loans of CIBC in connection with the REIT's 120 South LaSalle office property in Chicago, US (the "CIBC Loan").

"The GTA transaction to acquire the remaining 25% co-owner interest in our Commerce West and Gateway Centre properties is strategic for the REIT. It enables us to fully control the decision making, budgeting, leasing, and capital investment plans for these properties. Leasing activity continues to gain momentum in the GTA and therefore the timing of this acquisition is favourable from the REIT's perspective," said Shant Poladian, Chief Executive Officer of the REIT.

Acquisition of Co-ownership Interest in GTA Properties

The Commerce West and Gateway Centre properties total 659,713 square feet of gross leasable area. Following the REIT's acquisition of the remaining 25% co-ownership interest in these two properties, Ravelin REIT now owns 100% of its GTA portfolio, which consists of six properties totaling 1,636,265 sf.

120 South LaSalle Loan

The total principal debt amount currently outstanding under the CIBC Loan for 120 South LaSalle is US$84 million and matured on August 31, 2025. For financial reporting purposes the REIT previously disclosed the CIBC Loan as in default due to covenant breaches in its financial statements since the first quarter of 2024.

The REIT remains in active discussions to resolve the loan default and achieve a mutually acceptable loan restructuring. As negotiations are continuing beyond the August 31, 2025 loan maturity date, CIBC has issued a notice of default and a reservation of rights. CIBC has also agreed to a forbearance agreement, which will expire on September 30, 2025 and aligns with the current forbearance period that the REIT has in place with G2S2 Capital Inc.

About Ravelin Properties REIT (TSX: RPR)

The REIT owns and operates a portfolio of well-located commercial real estate assets in North America and Europe. The majority of the REIT's portfolio is comprised of government and high-quality credit tenants. Visit to learn more.

Forward-Looking Statements

Certain information herein constitutes "forward-looking information" as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words "plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved", or "continue" and similar expressions identify forward-looking statements. Such statements in this news release may include, without limitation, statements pertaining to the momentum of leasing activity in the GTA; the CIBC forbearance; and the resolution of the loan default and achievement of a mutually acceptable loan restructuring. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the REIT's Annual Information Form for the year ended December 31, 2024, available under the REIT's issuer profile on and on the REIT's website at .

For Further Information

Investor Relations
Tel: +1 647 792 6060
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SOURCE: Ravelin Properties REIT

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