Waterloo Heights Properties Ltd. Discloses its Position in BW Park Place LP

TORONTO, May 19, 2015 /CNW/ - WATERLOO HEIGHTS PROPERTIES LTD. ("WHP") announces that on December 10, 2014, it acquired ownership of 240 Class "F" units and 40 Class "G" units for a total of 280 units (the "Purchased Units") of BW PARK PLACE LP (the "Issuer" or "BW LP") from six individual vendors ("Vendors") pursuant to the terms of a purchase agreement dated November 7, 2014 (the "Purchase Agreement"). The total consideration given for the purchase of the Purchased Units by WHP was $215,531.29. As of the date hereof, WHP owns a total of 360 units of the Issuer, representing 14.5% of the issued and outstanding units of the Issuer.

In addition to providing for the purchase and sale of the Purchased Units, the Purchase Agreement provides for an indemnity given by the offeror (as purchaser therein) to each of the Vendors in respect of any and all assessments, reassessments, penalties or other claims or prosecutions by the Canada Revenue Agency, or Revenue Canada, Customs, Excise and Taxation or any other person for or in respect of any matter not properly reflected in the financial statements, tax filings made by the Issuer or offeror pertaining to the business of the Issuer or the assets thereof.

WHP acquired the Purchased Units for investment purposes. Additionally, WHP is contemplating making an offer for further units in the Issuer. WHP anticipates that the acquisition of further units will be, as mandated by securities laws, conducted through the process of a formal takeover bid with a mandatory third-party valuation, given that such bid will be an "insider bid" (as defined by Multilateral Instrument 61-101) as WHP shares beneficial principals with the general partner of BW LP, Rose City Suites Ltd. However, no imminent plans have been settled let alone have any timelines been set.

This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation. This press release is not an admission that WHP owns or controls any BW LP securities, nor is it a joint actor, with another entity.

No Securities Commission or Exchange has either approved or disapproved the information contained herein.

SOURCE Waterloo Heights Properties Ltd.

Ms. Gloria M. Paron, President and Director, Waterloo Heights Properties Ltd. [phone], [email protected]