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Entertainment Properties Trust Buys Toronto Dundas Square Project

March 9, 2010 (FinancialWire) — Entertainment Properties Trust (NYSE: EPR) has completed the acquisition of the Toronto Dundas Square project, which had been in receivership, by paying off senior debt of around $120 million Canadian.

 As a result of the closing, the company’s second mortgage note on the project has been extinguished. In conjunction with the acquisition, EPT has closed on a $100 million Canadian first mortgage credit facility with a group of banks.

Toronto Dundas Square is a 13-level entertainment retail center located in downtown Toronto, consisting of around 330,000 square feet of net rentable area, including a theatre complex, as well as 25,000 square feet of digital and static signage.

Missouri-based Entertainment Properties Trust is a real estate investment trust that develops, owns, leases, and finances properties.

The company’s assets include megaplex movie theatres and entertainment retail centers, as well as other destination recreational and specialty investments.

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