Not for dissemination in the United States
CALGARY, June 20, 2012 /CNW/ - Northern Property REIT and NorSerCo Inc.
(NPR.UN - TSX) has announced that it has closed on the sale of its six
(6) master leased seniors' buildings in Alberta and British Columbia.
The total purchase price was $160 million including the purchaser
assuming approximately $92 million in long term debt.
NPR has also continued to make progress in the sale of its seniors'
properties in Newfoundland. In 2012, NPR has sold seven (7) of the 10
properties for gross proceeds of $35.4 million. The sales of the
remaining properties are expected to be completed by the end of the
Northern Property's divestiture of its seniors' holdings is part of the
REIT's plan to focus in the long term on the further acquisition and
development of multi-family rental properties in Canada.
SOURCE Northern Property Real Estate Investment Trust
For further information:
David Leiman, Chief Financial Officer, 403-531-0720