UPDATE 1-Calloway REIT to buy two retail centers for C$131 mln

* Centers at Laval, Sarnia have Wal-Mart as anchor client

* Says to invest additional C$94 mln on centers over 5 yrs

* Laval centre to be its largest property on completion

Aug 31 (Reuters) - Calloway Real Estate Investment Trust (CWT_u.TO) said it agreed to buy two new Wal-Mart (WMT.N) anchored shopping centers in Ontario and Quebec for C$131 million.

Calloway had said in February that it would add at least seven Wal-Mart supercenters to its portfolio this year. [ID:nN25255393]

Last month, Calloway had said it expected to raise about C$130 million on a bought deal basis, and use the proceeds mainly for acquisitions and to repay debt. [ID:nSGE66P0MN]

Calloway also said it expects to invest an additional C$94 million over the next five years as additional space is built and occupied in the centers at Laval in Quebec and Sarnia in Ontario.

On completion, the Laval centre is expected to be Calloway's largest property, the shopping center-focused REIT said in a statement.

The transaction is expected to close in the third quarter, Calloway added.

On August 25, RioCan REIT (REI_u.TO) had said it plans to buy two new retail shopping centers in Ontario and Quebec for about C$102 million ($96.23 million) during the third quarter. [ID:nSGE67O0KS]

Shares of the Toronto, Ontario-based Calloway closed at C$23.11 Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)