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

Core Insights - Ravelin Properties REIT has acquired a 25% co-ownership interest in the Commerce West and Gateway Centre properties located in the Greater Toronto Area, enhancing its control over these assets [1][2] - The REIT has entered into a forbearance agreement with CIBC regarding a loan for its 120 South LaSalle property in Chicago, which is currently in default [1][5] Acquisition of Co-ownership Interest in GTA Properties - The Commerce West and Gateway Centre properties have a total gross leasable area of 659,713 square feet, bringing Ravelin's total ownership in the Greater Toronto Area to 100%, with a portfolio of six properties totaling 1,636,265 square feet [3] 120 South LaSalle Loan - The outstanding principal amount of the CIBC Loan for the 120 South LaSalle property is US$84 million, which matured on August 31, 2025, and has been reported as in default since Q1 2024 due to covenant breaches [4][5] - Ongoing discussions are aimed at resolving the loan default and restructuring the loan, with the current forbearance agreement set to expire on September 30, 2025 [5]