Huntingdon REIT announces sale of Manitoba industrial property



    WINNIPEG, Aug. 14 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT") (TSX: HNT.UN) announced that it has entered into an unconditional
agreement to sell an industrial property in Winnipeg, Manitoba, known as
Marion Street Business Park for $3,875,000. As part of the purchase, the
purchaser will assume the first mortgage loan in the approximate amount of
$1.78 million and HREIT will provide second mortgage financing in the amount
of $0.8 million, bearing interest at 5% and due on January 1, 2013. The sale
is scheduled for closing on September 1, 2009 and is expected to result in net
cash to HREIT of approximately $1.2 million, after expenses and closing
adjustments. The net cash proceeds will assist in the retirement of the Series
"A" Convertible Debentures, which mature on March 22, 2010.
    HREIT expects to record a gain on the transaction of approximately $1.35
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 72 income producing office, industrial,
retail and standalone parking lot properties that have a total gross leaseable
owned area of 4.8 million square feet; two land parcels held for development;
two properties held for sale; and other development and expansion
opportunities within the existing portfolio. The properties are located in
Manitoba, Ontario, Saskatchewan, Alberta, British Columbia and Northwest
Territories. HREIT also owns CRESI, a third party property management
business. For further information on HREIT, please visit our website at
www.hreit.ca.

    
    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.
    





For further information:

For further information: Arni Thorsteinson, President & Chief Executive
Officer, or Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax:
(204) 452-5505, Email: info@hreit.ca

Organization Profile

HUNTINGDON REAL ESTATE INVESTMENT TRUST

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890