BOSTON, MA, Sept. 1, 2015 /CNW/ - Plymouth Realty Capital Corp. ("Plymouth") (TSXV: PH.P) today announced that Philip Langridge and Brad Wise, the Chairman & CEO and the President of Churchill International Property Corporation ("Churchill"), respectively, have agreed to subscribe (the "Subscription") for 1,000,000 common shares of Plymouth at $0.05 per share for aggregate subscription proceeds of $50,000 to Plymouth. Messrs. Langridge and Wise will collectively own approximately 13.3% of the issued and outstanding common shares of Plymouth after giving effect to the Subscription. The common shares to be issued to Messrs. Langridge and Wise pursuant to the Subscription will be issued on a non-brokered private placement basis and as such, will be subject to a four month hold period calculated from the closing date of the Subscription. The closing of the Subscription is expected to be on or about September 4, 2015 and is subject to receipt of all necessary approvals, including the TSX Venture Exchange ("TSXV").
Mr. Langridge is a fellow of the Royal Institution of Chartered Surveyors (RICS), a pre-eminent worldwide organisation of real estate professionals (established in London, England in 1868). He has over 40 years of experience in multi-family and commercial real estate and multi-family and mixed use real estate investments throughout Canada, U.S.A., and the United Kingdom including acquisitions, development, management, financing, and profitable dispositions. Mr. Langridge is a Fellow of the Royal Institution of Chartered Surveyors (FRICS) and a Member of the Real Estate Institute of British Columbia. (RIBC). He has held a Real Estate License in B.C. since 1976 and at one point in his career worked as a senior real estate appraiser for Revenue Canada in Toronto.
Mr. Wise has over 20 years experience in real estate, commercial finance and business development. He is involved in Churchill's acquisition, financing and disposition of assets within the company's portfolios. He has spent a number of years involved in the financing of income producing commercial real estate assets, real estate development and refurbishment programs. Mr. Wise graduated from Simon Fraser University with a Master of Business Administration in 1996 and received his Bachelor of Business Administration, specialising in finance in 1992.
Since 1972, Vancouver-based Churchill has owned, operated, developed and sold over $1 billion in real estate investments. Churchill's senior management have over 70 years of combined commercial real estate experience. Churchill's focus has been on targeting demographic and geographic growth trends in real estate markets. This focus has resulted in the acquisition of retail plazas, shopping centres, office buildings, medical buildings, industrial properties, warehouses and refrigerated warehouses, and multifamily residential properties geographically diversified from B.C. to Ontario. Churchill currently owns over $250 million of real estate assets across Canada, representing approximately 1,500,000 square feet.
Plymouth intends to leverage off the expertise, experience and network of contacts of Messrs. Langridge and Wise, as it now intends to pursue and evaluate Canadian real estate assets (which may involve assets owned or controlled by Churchill or its investment vehicles) with a view to completing a qualifying transaction and will make further announcements with respect to these efforts as soon as practically possible. Plymouth cannot offer any assurances that a qualifying transaction will be completed.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Plymouth is a capital pool company listed on the TSXV. Plymouth was established pursuant to the CPC Policy which permits an initial public offering and a TSXV listing by a newly created company that has no assets, other than cash, and has not commenced commercial operations. The principal business of Plymouth has been the identification and evaluation of assets with a view to completing a qualifying transaction.
SOURCE Plymouth Realty Capital Corp.
For further information: please contact Jeffrey Witherell, CEO of Plymouth at (617) 340-3826.