Edgefront Realty Corp. agrees to purchase three properties in Nova Scotia

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, April 15, 2013 /CNW/ - Edgefront Realty Corp. (\"Edgefront\") (TSXV: ED) announces today that it has agreed to purchase a 71,800\n square foot retail/office property in Bedford, Nova Scotia, a 24,200 square foot retail/office property in Bedford, Nova Scotia and a 23,100 square foot single-tenant office property in\n Halifax, Nova Scotia (collectively, the \"Properties\") for an aggregate purchase price of approximately $31.3 million. The Bedford properties are multi-tenant retail/office properties that are 98% and 100% occupied, with an average remaining lease term of 4.5 years and 7 years, respectively, while the Halifax property is fully leased to a department of the\n government of the Province of Nova Scotia for a remaining term of 7\n years.\n\n\nThe purchase price for the Properties will be satisfied through a\n combination of cash generated from new mortgages and/or the issuance of\n new securities by Edgefront, and the assumption of existing mortgages\n on the Properties.\n\n\nThe acquisition of the Properties, which has not yet received TSXV\n approval, are Arm's Length Transactions (as that term is defined in\n TSXV Policy 1.1), and are subject to certain other closing conditions,\n including completion of satisfactory due diligence, receipt of any\n necessary shareholder and other regulatory approval and successful\n financing. Assuming satisfaction of all closing conditions, Edgefront\n expects to complete the three acquisitions no later than July 15, 2013.\n\n\n\"Management is continuing to acquire high quality properties; securing\n our presence in Atlantic Canada\", commented Kelly Hanczyk, Edgefront's\n Chief Executive Officer. \"We are very excited to continue to grow our\n portfolio and increase value for shareholders.  This also represents\n part of the foundation which we believe is needed in order to\n successfully implement our strategy to convert Edgefront into a\n diversified real estate investment trust.\"\n\n\nAbout Edgefront\n\n\nEdgefront is a growth oriented, diversified real estate company focused\n on increasing shareholder value through the acquisition, ownership and\n management of commercial real estate assets initially located in\n secondary markets. It is the intention of Edgefront to expand its\n business of purchasing, owning and operating real estate assets and to...

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