This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
VANCOUVER, April 18, 2012 /CNW/ - Sunstone Opportunity Fund (2005) Limited Partnership ("Sunstone (2005) LP") and SRAI Capital Corp., a subsidiary of Knightswood Financial Corp., ("SRAI", and collectively with Sunstone 2005 LP, the "Issuers") today announced that they have successfully completed the disposition of Sherwood Forrest Shopping Village for a sale price of $14,424,471.48 less standard closing costs and adjustments.
The property was originally acquired in 2006 for a purchase price of $9,550,000 plus standard closing costs and adjustments. The remaining balance of the first mortgage on the property has been discharged.
As a result of the sale, SRAI Capital Corp. is returning $1,000 per $3,000 debenture plus related interest back to investors in the form of a return of capital. The payable date for the return is April 18, 2012 and the revised value of each Debenture is now $2,000.
The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
For further information:
Andrew Greig, Director of Business Development
Sunstone Opportunity (2005) Limited Partnership
SRAI Capital Corp.
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959