TORONTO, Feb. 10 /CNW/ - NorthWest Value Partners Inc. ("NWVP") announced
today that it has acquired 3,493,694 units (the "Units") of InterRent Real
Estate Investment Trust ("InterRent") at a price of $1.50 per Unit, for an
aggregate purchase price of $5,240,541. NWVP is a private real estate
investment firm based in Toronto, Ontario.
As a result of this transaction, NWVP exercises control or direction over
an aggregate of 3,495,194 units of InterRent representing approximately 19.86%
of InterRent's issued and outstanding units.
The Units have been acquired for investment purposes. In the future, NWVP
and its affiliates may increase or decrease their ownership in the securities
of InterRent depending on the business and prospects of InterRent as well as
The Units were acquired under a private agreement that provides that if,
within 180 days of the date of the acquisition of the Units, NWVP or any of
its affiliates commences a take-over bid to acquire not less than 66 2/3% of
the outstanding units of InterRent pursuant to a take-over bid circular or
enters into any agreement with InterRent to acquire all or substantially all
the assets of InterRent or to engage in any other merger or combination
transaction with InterRent at a price per Unit greater than $1.50, NWVP will
pay to the vendor of the Units an amount per Unit equal to the amount by which
the consideration paid per Unit under such take-over bid, acquisition, merger
or combination exceeds $1.50.
For further information:
For further information: NorthWest Value Partners Inc., 284 King Street
East, Suite 100, Toronto, Ontario, M5A 1K4