CALGARY, Sept. 9 /CNW/ - Mainstreet Equity Corp. ("Mainstreet") disposed
of a single property with 58 residential units located in Calgary Alberta for
$ 9.2 million or $159,000 per unit. This resulted in a pre-tax gain of
approximately $6 million to the Corporation. Upon completion of the
transaction noted above, Mainstreet's portfolio in Alberta will have 3,020
units, of which 1,220 units are in Calgary. Mainstreet has a total of 5,939
units across Canada.
The disposed property is considered as a mature property with a limited
future added value potential. Net proceeds of approximately $6 million
received from the disposition will be used for future acquisitions of
properties with high added value potential.
Mainstreet Equity Corp. is a publicly traded real estate company focused
on the acquisition, value enhancement, repositioning and management of
"mid-market" multi-family residential rental properties across Canada.
Mainstreet's common shares are listed on the Toronto Stock Exchange under the
trading symbol MEQ.
For further information:
For further information: please contact Mainstreet's President and CEO,
Mr. Bob Dhillon at (403) 215-6070, by email at firstname.lastname@example.org or visit
Mainstreet's website at www.mainst.biz