BROSSARD, QC, July 29, 2013 /CNW Telbec/ - Capital BLF Inc. (the "Corporation" or "BLF") (TSXV: BLF) announces the sale, on July 26, 2013, of the properties
located at 160 and 180 Dorval Avenue in Dorval, Québec. The sale price
was $3,558,000 and the debt being reimbursed from the sale related to
these assets was $1,569,624. The net proceeds will be used for future
acquisitions and general operations of the Corporation.
The book value of these assets was $3,416,757 as of June 30, 2013,
making a net gain after closing costs of $18,226.
"We are happy to dispose of these assets as they no longer qualify in
our investments criteria set after my arrival as Chief Executive
Officer. We believe that the 5.3% cap rate on the sale is a very good
achievement considering it would have required some capital
expenditures in the short term as the previous management of BLF had
started the conversion into undivided ownership to be sold unit by
unit. We no longer have development properties and are now strictly
focusing on multi-residential revenue generating assets" said Mathieu
Duguay, President and Chief Executive Officer of BLF.
The principal business of the Corporation is acquiring, holding,
developing, maintaining, improving, leasing, managing or otherwise
dealing with income-producing multi-unit residential properties located
throughout Canada, primarily in the province of Québec. The Corporation
currently owns six properties located in Montréal, Sherbrooke and
Québec City totaling 752 apartment units.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: CAPITAL BLF INC.
For further information:
Mr. Daniel Blanchette
Chief Financial Officer
450-672-5090 ext. 401