EDMONTON, Sept. 14, 2016 /CNW/ - Imperial Equities Inc. ("Imperial") today has announced it has finalized a Purchase and Sale Agreement for the acquisition of the Weir Seaboard Canada building located at 4737 – 97 Street, Edmonton, Alberta. The transaction Agreement between Scotland based Weir Group PLC and Imperial is in the amount of $12,250,000.00 and is expected to close by October 10, 2016.
The 75,000 ft2 building is situated on 6.8 acres of prime industrial land with excellent exposure to major thoroughfares in southeast Edmonton. The property serves as headquarters for Weir Seaboard Canada a manufacturer of cost-effective wellhead products and pressure control equipment designed for the oil and gas industry around the globe.
"The transaction is a standard sale leaseback wherein the seller agrees to sell the property but remain as a tenant. Imperial agreed to the transaction and completed a new lease with the Weir Group PLC on the land and buildings for a period of 12 years at prevailing market rents. This is characteristic of the ideal transaction whereby Imperial's tenant base remains largely international in scope" said Sine Chadi, President and CEO of Imperial.
About Imperial Equities Inc.:
Imperial Equities Inc. Is based in Edmonton, Alberta. A publically traded company anchored by commercial and industrial real estate properties in its targeted Edmonton and Alberta markets. 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]