WINNIPEG, March 2 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT") (TSX: HNT.UN) announced today that it has completed the previously
announced acquisition of a 50% beneficial interest of a multi-tenant
retail/office/warehouse property in Winnipeg, Manitoba. The 655,005 square
foot property, known as Airport Place, is situated on a 22-acre site on the
northwest corner of Wellington Avenue and Berry Street.
The purchase price of $7.4 Million was funded by the assumption of 50% of
the existing first mortgage loan in the approximate amount of $6,250,000 and
the balance in cash.
The remaining 50% beneficial interest is owned by 2668921 Manitoba Ltd.
("2668921"). 2668921 is a "related party" of HREIT by virtue of the fact that
all of its shares are owned by the family trust of Arni Thorsteinson, the
President, Chief Executive Officer and a trustee of HREIT and Mr. Thorsteinson
is the President of 2668921. 2668921 is also the parent company of Shelter
Canadian Properties Limited, the administrator and property manager of HREIT.
The transaction was approved by the independent trustees of HREIT, with
Mr. Thorsteinson abstaining from the vote.
HREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbol HNT.UN. The objective of HREIT is to provide
Unitholders with stable and growing cash distributions from investments in a
geographically diversified Canadian portfolio of quality commercial and
industrial real estate properties. There are currently 71,872,235 trust units
outstanding. For further information on HREIT, please visit our website at
This press release contains certain statements that could be considered
as forward-looking information. The forward-looking information is subject to
certain risks and uncertainties, which could result in actual results
differing materially from the forward-looking statements.
The TSX has not reviewed or approved the contents of this press release
and does not accept responsibility for the adequacy or accuracy of this
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: email@example.com