EDMONTON, Nov. 5, 2014 /CNW/ - Imperial Equities Inc. ("Imperial") today has announced it has completed the purchase of a newly constructed industrial building in Red Deer, Alberta. The acquisition is Imperial's first property in Red Deer and the purchase price of $15,200,000.00 represents the second largest priced single acquisition for the Company to date.
The property consists of a total of 10 acres of industrial land and a new 43,400 square foot building located in Red Deer's newly developed Queens Business Park which is located along the southbound QE ll (Highway 2), on the northern limits of the city of Red Deer. The building, completed in February 2014, was developed for Essential Energy Services Ltd., a publicly traded company that operates the largest coil tubing well service fleet in Canada.
"The City of Red Deer is centrally located within the province of Alberta and corporations have identified their strategic advantages to being located there. Imperial has long been a proponent of the value Red Deer can provide to corporations that cater to the energy sector. This latest acquisition is the first for Imperial in Red Deer and we will be actively pursuing more investment opportunities that currently exist in that market" said Sine Chadi, President and CEO of Imperial Equities.
About Imperial Equities Inc.:
Imperial Equities Inc. is based in Edmonton, Alberta. A diversified company anchored by commercial and industrial real estate properties in its targeted Edmonton and Alberta markets. Imperial also distributes pharmaceutical products to the institutional and retail customers through its wholly owned subsidiary, Imperial Distributors Canada Inc. Additional information is available at: www.imperialequities.com
Imperial's common shares are listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Imperial Equities Inc.
For further information: Editorial Contact: Sine Chadi, CEO, Imperial Equities Inc., Phone: 780 424-7227, Email: [email protected]