Business
Mainstreet Equity Corp. completes sale of single property in Calgary with pre-tax net gain of approximately $6 million
CALGARY, Sept. 9 /CNW/ - Mainstreet Equity Corp. ("Mainstreet") disposed of a single property wit...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Sept. 9 /CNW/ - Mainstreet Equity Corp. ("Mainstreet") disposed\nof a single property with 58 residential units located in Calgary Alberta for\n$ 9.2 million or $159,000 per unit. This resulted in a pre-tax gain of\napproximately $6 million to the Corporation. Upon completion of the\ntransaction noted above, Mainstreet's portfolio in Alberta will have 3,020\nunits, of which 1,220 units are in Calgary. Mainstreet has a total of 5,939\nunits across Canada.\n\n\nThe disposed property is considered as a mature property with a limited\nfuture added value potential. Net proceeds of approximately $6 million\nreceived from the disposition will be used for future acquisitions of\nproperties with high added value potential.\n\n\nMainstreet Equity Corp. is a publicly traded real estate company focused\non the acquisition, value enhancement, repositioning and management of\n"mid-market" multi-family residential rental properties across Canada.\nMainstreet's common shares are listed on the Toronto Stock Exchange under the\ntrading symbol MEQ.\n\n\n%SEDAR: 00009689E\n\n\n","length":1153,"tagName":"div"}]