WINNIPEG, May 4 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT")
(TSX: HNT.UN) announced that it has completed the sale of the Cityplace
property in downtown Winnipeg to The Manitoba Public Insurance Corporation.
The property was sold for $81.5 million and resulted in net sale proceeds
of approximately $80.3 million, after expenses and the usual closing
adjustments. The majority of the net sale proceeds were used to repay mortgage
debt secured by Cityplace in the amount of $56 million and $20.4 million of
other higher cost interim mortgage loans. HREIT expects to record a gain on
the transaction of approximately $2.7 million.
HREIT also announced that it has completed the sale of a retail property
in Brampton, Ontario, known as 1250 Steeles Avenue. The property was sold for
net sale proceeds of approximately $5 million, after expenses and the usual
closing adjustments. Approximately $4.7 million of the net sale proceeds were
used to repay mortgage debt.
HREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C
Convertible Debentures). HREIT owns 77 income producing office, industrial,
retail and standalone parking lot properties that have a total gross leaseable
owned area of 5.4 million square feet; two land parcels held for development
and other development and expansion opportunities within the existing
portfolio. The properties are located in Manitoba, Ontario, Saskatchewan,
Alberta, British Columbia and Northwest Territories. HREIT also owns CRESI
Inc., a third party property management business. For further information on
HREIT, please visit our website at www.hreit.ca.
The Toronto Stock Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for the adequacy or
accuracy of this press release.
For further information:
For further information: Arni Thorsteinson, President & Chief Executive
Officer; or Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax:
(204) 452-5505, Email: firstname.lastname@example.org