RICHMOND, BC, June 3 /CNW/ - Huntingdon Real Estate Investment Trust (the "Trust" or "HREIT") (TSX: HNT.UN) announced today that it has sold a surface parking lot in Winnipeg, Manitoba known as 170 Water St. for $3.5 million. The sale resulted in net cash to HREIT of approximately $1.9 million after transaction costs and the repayment of approximately $1.6 million of first mortgage debt. The sale price reflects a cap rate of approximately 6.0% and will result in an accounting gain on disposal of more than $1.2 million.
HREIT is a real estate investment trust which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns, directly or indirectly, 81 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities at five of Canada's leading international airports that have a total gross leasable area of 5.5 million square feet; and two land parcels held for development, with other development and expansion opportunities within the portfolio.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, HREIT's expectation with respect to applying to the applicable securities regulatory authorities for a management cease trade order, the expected time for filing of the Required Documents and the imposition of a cease trade order by applicable securities regulatory authorities. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations including, but not limited to, the risks detailed from time to time in HREIT's filings with Canadian provincial securities regulators. HREIT cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and HREIT does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change, except as required by applicable law.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE HUNTINGDON REAL ESTATE INVESTMENT TRUST
For further information: For further information: Zachary R. George, Trustee, President and Chief Executive Officer, Tel: (604) 249-5119, Fax: (604) 249-5101, Email: firstname.lastname@example.org