RICHMOND, BC, March 11 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) today announced that it has entered into a binding letter of agreement to sell all of the material assets of Consolidated Real Estate Services Inc. ("CRESI"), a wholly-owned property management business.
The material assets of CRESI are to be sold for $450,000, subject to adjustment based on prescribed terms, payable in two installments during 2010. The sale is expected to close on or about April 23, 2010. HREIT intends to wind up CRESI by the end of 2010.
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, 82 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities on ground leased land at five of Canada's leading international airports that have a total gross leaseable area of 5.5 million square feet; two land parcels held for development and one property held for sale, with other development and expansion opportunities within the portfolio.
This press release may contain certain information that constitutes "forward-looking statements". These statements generally can be identified by use of forward looking words such as "anticipate", "plan", "should", "may", "expect", "estimate", "intends", "believe" or "continue" or the negative thereof or similar variations. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the sale contemplated herein is completed. Important factors that could cause actual results to differ materially from expectations, include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors" in HREIT's most recent annual information form. The cautionary statements qualify all forward-looking statements attributable to HREIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and HREIT has no obligation to update such statements.
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: email@example.com