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InterRent International Properties Inc. Announces Agreement To Acquire 63 Suite Hamilton Apartment Building
InterRent International Properties Inc. Announces Agreement To Acquire 63 Suite Hamilton Apartment Building.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nTSX.V-IIP \nFrankfurt: I4N.F\n\nTORONTO, Feb. 21 /CNW/ - InterRent International Properties Inc.,\n(\"InterRent\" or the \"Company\") today announced that it has entered into a\nconditional purchase agreement with arms length parties, to acquire a 63 suite\napartment building, containing 30 two bedroom, 32 one bedroom and 1 bachelor\nunit, in the prestigious Hess Village area of Hamilton, Ontario, for\n$3.225 million ($51,190/suite). The agreement is conditional on completion of\ndue diligence by InterRent and is scheduled to close on May 15, 2006. At the\nsame time the Company also announced that it has entered into discussions for\nthe sale of three of its buildings containing 18 units in Toronto's Parkdale\ndistrict, to parties that previously purchased a 10 unit building in Parkdale\nfrom InterRent in September, 2005. The sale of the three properties at a price\nof $1.88 million ($110,000/unit) is scheduled to close on May 31, 2006, and is\nsubject to several conditions, including due diligence and financing.\nCommenting on the acquisition and potential divestiture, Michael Newman,\nPresident and CEO of the Company stated, \"The purchase of the Hess Village\nproperty will boost our ownership interests in the Hamilton/Niagara region to\n288 suites. This latest acquisition is in close proximity to our other\nHess Village property and should provide the Company with increased management\nefficiencies and cost savings. The potential sale of the three 6 unit\nbuildings in the GTA's Parkdale district is in keeping with our strategy of\nprofitably selling our smaller non-core assets in the GTA's low capitalization\nrate environment and redeploying the proceeds in higher capitalization rate,\nlower per suite pricing locations. The proceeds and profits from the sale of\nthese 18 units will be utilized by management to finance future accretive\nacquisition opportunities with a view to increasing portfolio and shareholder\nvalues\"\n\nInterRent is a rapidly expanding, growth oriented real estate company\nengaged in building shareholder value through the acquisition, ownership and\noperation of strategically located income producing multi-residential real\nestate, with 1,146 apartment suites under ownership.\n\nCertain information in this press release may contain forward-looking\nstatements. This information is based on curre...