BROSSARD, QC, June 14, 2013 /CNW Telbec/ - Capital BLF Inc. (the "Corporation" or "BLF") (TSXV: BLF) announces today the acquisition of a multi-unit residential building comprised of 96 units located at 2865 and 2905 Mézy Street in the city of Sherbrooke, Québec for a purchase price of $5,900,000, representing a capitalization rate of approximately 6%. The Corporation is confident that this first acquisition in the Sherbrooke market will allow BLF to establish a solid foundation for other transactions in this important rental housing market in which no other public company in our business sector is present.
Election of three new members to the Board
The Corporation is proud to announce the election of Ms. Monique Cardinal, Mr. Jean Pierre Desrosiers and Mr. Samuel Slater as independent directors. They were elected at the annual general meeting of shareholders held on June 10, 2013.
Monique Cardinal has been Vice-President Finance at the Fonds Immobilier FTQ since 2005. From 1992 to 2005, she was the Chief Financial Officer at the Société d'habitation et de développement de Montréal (SHDM), a para-municipal agent corporation of Ville de Montréal that carries out structuring real estate development projects. Ms. Cardinal obtained a Master in Business Administration from the Université du Québec à Montréal in 2000. She has been a member of the Ordre des comptables agréés du Québec since 1982.
Jean Pierre Desrosiers is presently Partner (Strategic Advisor) at Fasken Martineau DuMoulin LLP. From 1980 to 2010, Mr. Desrosiers has held numerous positions for KPMG, one of the pre-eminent worldwide renowned firms of chartered accountants. He held the position of Managing Partner of the Montréal office and then was appointed as Canadian Managing Partner, Markets. He was also a board member of KPMG Americas and KPMG Canada, for one year and three years, respectively, in addition to sitting on the KPMG Canada Management Committee for seven years. During his career at KPMG, Mr. Desrosiers was called on to work with a number of large corporations in various lines of business, including Quebecor, Quebecor World, C-Mac, Gildan, the Yellow Pages Group, the Montreal Exchange and the Caisse de dépôt et placement du Québec. He is a member of the Board of Directors and Audit Committee of both Aéroports de Montréal and D-BOX Technologies Inc., as well as to BFL Canada's advisory committee.
Samuel Slater has been a manager-member of Tremont Asset Management LLC since 2010 and Park Property Management Group LLC since 2011, both companies operating in the investment and property management sectors in United States and Canada. He has been a manager at Boston Restaurant Partners LLC since 2012. Mr. Slater is a board member of The Lenny Zakim Fund as well as the Massachusetts Cultural Council.
"We would like to thank the new directors and we are confident that with their expertise and contacts in the community, they will bring a lot to the Corporation" said Mr. Mathieu Duguay, President and Chief Executive Officer of BLF.
The Corporation equally announces a dividend of 0.077 cents ($0.00077) per common share to the registered holders of common shares at June 30, 2013, payable on July 17, 2013.
Real estate investment trust conversion
The Board of Directors anticipates holding a special general shareholders' meeting on August 1st, 2013 at which the shareholders will be asked to approve the conversion of the Corporation into a real estate investment trust.
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 seven properties located in Montréal, Dorval, Sherbrooke and Québec City totaling 792 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