CALGARY, Jan. 15 /CNW/ - In November 2007, the Company announced that it
had entered into a conditional agreement with a third party to sell a property
known as Crowfoot West Business Centre with closing expected in early 2008 and
that this transaction would have a material impact to the Company's 2008
earnings if it closed. The conditions to sell have not been removed by the
third party thus terminating the conditional agreement.
The Company intends to retain this property within its Investment
Property Division. Crowfoot West Business Centre is 92% leased with offers or
conditional deals on most of the remaining space. It is expected to be fully
occupied within the first half of 2008.
The Company intends to proceed with the placement of long term fixed rate
financing on the building and will assess the stability of real estate and
capital markets with the potential of marketing the Centre in the future.
For further information please contact the undersigned.
Business Contact Investor Relations
Ralph B. Young, Michael D. Shabada, C.A.,
President & CEO VP Finance & CFO
Melcor Developments Ltd. Melcor Developments Ltd.
Tel: (780) 423-6931 Tel: (780) 945-2819
For further information:
For further information: Business Contact: Ralph B. Young, President &
CEO, Melcor Developments Ltd., firstname.lastname@example.org, Tel: (780) 423-6931; Investor
Relations: Michael D. Shabada, C.A., VP Finance & CFO, Melcor Developments
Ltd., email@example.com, Tel: (780) 945-2819, www.melcor.ca