CALGARY, Oct. 6 /CNW/ - Parkbridge Lifestyle Communities Inc.
("Parkbridge" or the "Corporation"), (TSX: PRK) today announced the completion
of a $32 million financing of one of its properties. The financing generated
net proceeds of $13.2 million after repayment of a pre-existing first mortgage
loan and associated transaction costs. The net proceeds were used to repay a
$9.0 million secured facility and to partially repay amounts drawn under the
Corporation's operating lines.
In addition, Parkbridge completed the acquisition of two family/senior
communities, Crestwood, a 102 site community in Medicine Hat, Alberta and Red
Oak, a 56 site community near Tillsonburg, Ontario, for an aggregate purchase
price of $6.7 million. Both communities are fully leased and well located in
proximity to existing Parkbridge operations.
The Corporation has in place $75 million in lines of credit consisting of
a $35 million operating facility and a $40 million acquisition facility.
Following the completion of these transactions amounts undrawn under these
facilities amount to $22.0 million and $26.8 million respectively.
"In what has become an extremely challenging credit environment, the
longstanding relationships we have with our core banking group and traditional
mortgage lenders has given Parkbridge the financial flexibility of continuing
to execute its established strategy of acquiring select properties in
excellent real estate locations", commented Iain Stewart, President, Western
Operations and Co-CEO.
Parkbridge is one of Canada's leading owners, operators and developers of
land lease residential communities and seasonal recreational resorts. The
portfolio is concentrated in the provinces of British Columbia, Alberta,
Ontario and Quebec.
Parkbridge now owns 76 properties containing over 16,400 sites with a
capacity to add more than 4,300 sites through expansion of current property
Parkbridge is listed on the Toronto Stock Exchange and its head office is
in Calgary, Alberta.
The TSX has not in any way passed upon the merits of these transactions,
has not approved or disapproved the contents of this news release, nor
does it accept any responsibility for the adequacy of this release.
This news release contains forward-looking statements concerning the
Corporation's business and operations. The Corporation cautions that, by their
nature, forward-looking statements involve risk and uncertainty and the
Corporation's results could differ materially from those expressed or implied
in such statements. Reference should be made to the most recent Management's
Discussion and Analysis in the interim report for the period ended June 30,
2008, the Annual Information Form dated December 5, 2007 and the Management's
Discussion and Analysis and audited consolidated financial statements for the
year ended September 30, 2007. All reports may be viewed at www.sedar.com.
For further information:
For further information: Mr. Iain Stewart, President, Western Operations
and Co-CEO, Telephone: (403) 215-2109, Email: email@example.com; Mr.
David Rozycki, President, Eastern Operations and Co-CEO, Telephone: (705)
429-8559, Email: firstname.lastname@example.org; Parkbridge Lifestyle Communities
Inc., Telephone: (403) 215-2100, Facsimile: (403) 215-2115, 700, 505 - 3rd
Street SW, Calgary, AB, T2P 3E6