CALGARY, Feb. 24, 2014 /CNW/ - Strategic Financial, a Strategic Group subsidiary, announces that it has acquired certain distressed debt of the Atlantic Living Group of Companies, which includes UC Investments Inc., Edge Marketing Inc. and 3214113 Nova Scotia Limited. The Strategic Financial security, in respect of the distressed debt spans 939 apartment units and 48 buildings. Strategic Financial has taken steps to enforce its security over selected real estate assets of the debtors. It is anticipated that the bankruptcy of the debtors will occur at midnight February 24th, 2014 and thereafter Halifax based WBLI Inc. will become a Receiver of the selected real estate assets, who will in turn retain MetCap Living Management Inc. as its Property Manager.
"Strategic Financial is committed to ensuring a seamless transition for the former tenants of Atlantic Living" says Riaz Mamdani, CEO of Strategic Group. "We greatly value the tenants of the buildings affected by this acquisition and appreciate that the past few months have been a time of uncertainty. Strategic Financial is also committed to offering employment to a number of the existing employees of the debtors."
About Strategic Group
With over $1 billion in assets and more than 300 employees, Strategic Group is a fully integrated property owner, manager and developer of real estate as well as an investment company with investments and subsidiaries that span all major industries in North America.
Strategic Group fosters a corporate culture of entrepreneurship, creativity and unconventional approaches. The result - an always evolving, vertically integrated group of companies that encompass every step of the property process through business and real estate acquisition, financing, leasing, development, property management and maintenance. Strategic Group's main focus is real estate and boasts a portfolio encompassing in excess of four million square feet of office, retail, residential and industrial space.
SOURCE: Strategic Group
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Metcap Living Management Inc.
Email: [email protected]