Business
InterRent International Properties Inc. Continues Its Rapid Growth With New Property Acquisition
InterRent International Properties Inc. Continues Its Rapid Growth With New Property Acquisition.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nTSX-Venture-IIP\n\nTORONTO, June 21 /CNW/ - InterRent International Properties\nInc.,(\"InterRent\" or the \"Company\") today announced another acquisition, its\nseventeenth, since raising $8.0 million in equity in December of 2004, as the\nCompany pursues its short term objective of owning 1,000 apartment suites in\nOntario by August 31, 2005, the end of its current fiscal year.\nIn its latest acquisition the Company entered into a conditional purchase\nand sale agreement with arms length vendors for the purchase of a 48 unit\napartment complex in the Town of Prescott, Ontario. The complex comprising\nthree 3 storey buildings on 1.76 acres, was constructed approximately fifteen\nyears ago and contains forty 2 bedroom, and eight 1 bedroom suites, with the\nmajority separately metered for electricity. The purchase price of\n$2.45 million ($51,042 per suite) will be paid for by the assumption of a\n$1.7 million first mortgage, bearing interest at 4.64%, and due in 2009, a\n$200,000 vendor take-back second mortgage bearing interest at 5%, and due\nconcurrently with the first mortgage, and the balance in cash. The closing of\nthe transaction is scheduled for August 10, 2005, and is conditional upon\nInterRent's completion of its due diligence. The Company also announced that\nit has closed on its previously announced acquisition of 143 suites in London,\nHamilton, Ottawa, Trenton and Toronto, and now has ownership of 727 apartment\nsuites in Ontario, with a further 100 scheduled to close in July of 2005.\nMichael Newman President & CEO of InterRent, commenting on the\nacquisition stated. \"Management has successfully deployed the proceeds of the\nequity raised late last year and achieved 135% growth this year. We will\ncontinue to execute on our objective of building our portfolio, to become a\nleading owner/operator of multi residential real estate within the Province,\nthrough additional accretive acquisitions, some of which have already been\nidentified. Management is also exploring various alternatives to enhance\nshareholder value, and will report to shareholders as these initiatives\napproach realization.\"\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...