Not for dissemination in the United States
CALGARY, June 20, 2012 /CNW/ - Northern Property REIT and NorSerCo Inc. (NPR.UN - TSX) has announced that it has closed on the sale of its six (6) master leased seniors' buildings in Alberta and British Columbia. The total purchase price was $160 million including the purchaser assuming approximately $92 million in long term debt.
NPR has also continued to make progress in the sale of its seniors' properties in Newfoundland. In 2012, NPR has sold seven (7) of the 10 properties for gross proceeds of $35.4 million. The sales of the remaining properties are expected to be completed by the end of the year.
Northern Property's divestiture of its seniors' holdings is part of the REIT's plan to focus in the long term on the further acquisition and development of multi-family rental properties in Canada.
For further information:
David Leiman, Chief Financial Officer, 403-531-0720