WOODBRIDGE, ON, July 2, 2017 /CNW/ - CONSOLIDATED HCI HOLDINGS CORPORATION ("CHCI") is pleased to announce that the previously announced agreement to sell its 50% interest in two investment properties located at 7700 Keele Street and at 2267 Highway 7, both in Vaughan, Ontario, to Keele Seven Holdings Inc. closed on June 30, 2017. Under the terms of the agreement, CHCI received $11,501,790 cash after assumption by the buyer of CHCI's 50% mortgage obligation in respect of the 7700 Keele Street property.
The sale transaction is subject to post-closing adjustments related to the investment properties' rental operations which will be settled within sixty days of closing.
Consolidated HCI Holdings Corporation is an Ontario-based real estate and development company that trades on the Toronto Stock Exchange under the symbol "CXA.B".
SOURCE Consolidated HCI Holdings Corporation
For further information: Mr. Arnold J. Resnick, 905-851-7741 (106)