WINNIPEG, Oct. 1 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) announced that it has completed the previously announced sale of an industrial property in Winnipeg, Manitoba, known as Marion Street Business Park for $3.875 million. HREIT provided second mortgage financing to the purchaser in the amount of $0.8 million, bearing interest at 5% and due on January 1, 2012. Net of the second mortgage, the sale resulted in net cash to HREIT of approximately $1.18 million, after expenses, closing adjustments and the assumption by the purchaser of approximately $1.78 million of first 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 71 income producing office, industrial, retail and standalone parking lot properties that have a total gross leaseable owned area of 4.8 million square feet; two land parcels held for development; two properties held for sale; 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, a third party property management business. For further information on HREIT, please visit our website at www.hreit.ca.
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SOURCE HUNTINGDON REAL ESTATE INVESTMENT TRUST
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: email@example.com