Press Release

Avalon Mall redevelopment improves shopping experience by securing major retailers

Company Release - 8/7/2019 6:39 PM ET

NEW GLASGOW, NS, Aug. 7, 2019 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) is pleased to announce that four of the world's leading retail brands will join Avalon Mall as part of the current redevelopment project, which will improve the shopping experience and enhance Avalon Mall's position as the dominant retail shopping centre in Newfoundland and Labrador.

Old Navy, Gap, Banana Republic, and H&M will occupy approximately 53,000 square feet of the centre, close to the newly realigned Polina and Kenmount Road intersection. These strong global brands will complement the existing mix of stores and services at Avalon Mall, with product lines that suit a wide range of demographics and needs, and all are expected to open by the third quarter of 2020. This news accompanies the opening of Winners HomeSense in their expanded location on August 6 and follows the opening of Lush earlier this year.

"We're very pleased with the progress we're making on the enhancement and expansion of Avalon Mall. This project aligns with Crombie's commitment to invest in welcoming, convenient properties that enrich the communities in which we operate," says Don Clow, President and CEO of Crombie REIT. "Together with the recent opening of The Rec Room, and this week's opening of Winners HomeSense, these world-class retailers will enhance our customers' experience and ensure Avalon Mall is the premiere shopping destination in Newfoundland and Labrador."

The $112.3 million redevelopment and expansion project began in 2017 as Avalon Mall celebrated its 50th anniversary. In addition to adding world-class retailers, interior common areas are being transformed with contemporary porcelain tile and acoustic ceiling tiles, and lighting is being updated to LED fixtures. Work is currently underway in the food court, which will see modern finishes along with new seating and furniture. A four-level, 875 space parking structure opened in 2018, and the project included a redesign and realignment of vehicular access to Kenmount Road.

About Avalon Mall

Avalon Mall is the premiere regional shopping centre in St. John's and Newfoundland and Labrador. It is the largest enclosed shopping mall in the province and will boast approximately 593,000 square feet of GLA upon project completion. Avalon Mall is owned and managed by Crombie REIT. For more information on the redevelopment project, visit www.avalonmallredevelopment.com.

About Crombie REIT

Crombie Real Estate Investment Trust ("Crombie") is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high quality grocery- and drugstore-anchored shopping centres, freestanding stores, and mixed-use developments primarily in Canada's top urban and suburban markets. More information about Crombie can be found at www.crombie.ca.

SOURCE Crombie REIT

Media Contact: Susan MacConnell, Director, Communications, 902-755-8100, ext. 3447, susan.macconnell@crombie.ca