Business
InterRent International Properties Inc. Consolidates Property Management Operations With Adelaide Development Corp.
InterRent International Properties Inc. Consolidates Property Management Operations With Adelaide Development Corp..
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nTSX.V-IIP\n\nTORONTO, Jan. 16 /CNW/ - In a move expected to increase efficiencies and\nreduce costs, InterRent International Properties Inc.,(\"InterRent\" or the\n\"Company\") today announced that it has consolidated its property management\nand administrative operations with those of its arms length property manager,\nAdelaide Development Corp. in a new \"state of the art\" operations center in\nToronto's west end. The asset management operations of InterRent will continue\nto be located at the Company's head office at the Exchange Tower, First\nCanadian Place in Toronto's financial district.\nCommenting on the move, Michael Newman, President and CEO of the Company\nstated, \"With the tremendous growth that our Company has undergone in the past\nyear, it made operational and financial sense to combine our property\nmanagement and administrative functions with those of Adelaide Development\nCorp. Adelaide has been our exclusive property manager for the past six and a\nhalf years, and has been a major contributor to InterRent's successful\nexpansion from 45 units when they first began managing our buildings to the\ncurrent 1,146. We expect our relationship to grow even stronger and closer as\nInterRent's portfolio continues to expand.\"\nMr. Paul Roberts, Managing Director of Adelaide Development Corp. and a\ndirector of InterRent added, \"We are very proud of the role that we have\nplayed in InterRent's growth over the past six and a half years and look\nforward to exploiting the synergies available from the combination of our two\noperations into a new, modern operations center.\"\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\nAdelaide Development Corp. is a ten year old, private Ontario Company in\nthe business of managing multi residential investment properties in Ontario\nfor arms length owners.\n\nCertain information in this press release may contain forward-looking\nstatements. This information is based on current expectations that are subject\nto significant risks and uncertainties that are difficult to predict. Actual\nresults might differ materially from results suggested in a...