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InterRent International Properties Inc. Continues Rapid Growth With Agreement To Acquire 111 Apartment Suites in Belleville, Ontario For $4.995 Million
InterRent International Properties Inc. Continues Rapid Growth With Agreement To Acquire 111 Apartment Suites in Belleville, Ontario For $4.995 Million.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n TSX.V - IIP\n\nTORONTO, Nov. 7 /CNW/ - InterRent International Properties Inc. (or\n\"InterRent\" or \"the Company\") today announced that it has entered into a\nconditional Agreement of Purchase with arms length parties for the acquisition\nof three apartment buildings containing 111 suites, located in Belleville,\nOntario. The $4,995,000 purchase price ($45,000/unit) is to be satisfied by a\nCMHC insured first mortgage for 75% of the value of the acquisition from one\nof the Company's mortgage lenders at current mortgage rates, fixed for a\nperiod of ten years, $125,000 by the issuance of common shares of the Company\nat a price equal to the average closing price of InterRent common shares on\nthe TSX Venture Exchange for the twenty trading days prior to the closing of\nthe acquisition, and the balance in cash from InterRent's recently completed\n$5.54 million convertible debenture financing. The issuance of the shares is\nsubject to the approval of the TSX Venture Exchange, and a four month\nstatutory hold period. The transaction is scheduled to close on February 6,\n2006, and is conditional on completion of due diligence by the Company. Upon\nclosing, the acquisition will bring InterRent's total suite ownership in\nOntario to 1,151 suites.\nCommenting on the latest acquisition, Michael Newman, president and CEO\nstated; \"InterRent's management continues to execute on its objective of\nbuilding a substantive portfolio of neighbourhood style apartment buildings\nproviding value based accommodations in Ontario's secondary population\ncenters. This latest purchase brings to 423 the number of suites under\nInterRent's ownership in the contiguous Trenton, Belleville, Kingston and\nPrescott segment of eastern Ontario's Highway 401 corridor. The proximity of\nthe 423 suites will provide us with certain synergies, reduced costs and\nincreased management efficiencies. With our portfolio approaching a book value\nof $60 million, we have now established the critical mass necessary to\nunderpin our next stage of growth to the $100 million portfolio value level.\"\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 1,151 apartment suites und...