Business
Edgefront Realty Corp. announces closing of qualifying transaction
TSX-V: ED.P TORONTO, March 8, 2013 /CNW/ - Edgefront Realty Corp. (" Edgefront ") is ...
About this update from Nexus Industrial Reit
[{"type":"text","content":"\n\n\n\n\n\nTSX-V: ED.P\n\n\nTORONTO, March 8, 2013 /CNW/ - Edgefront Realty Corp. (\"Edgefront\") is pleased to announce that it has closed its qualifying transaction\n (the \"Qualifying Transaction\") which involved the acquisition, pursuant to a purchase and sale\n agreement dated January 21, 2013 (the \"Purchase Agreement\"), of the rights of 1732228 Ontario Inc. as tenant in a 66 year ground\n lease (the \"Ground Lease\") (which commenced on May 1, 2006 with the option to extend for two\n additional 10 year terms) in respect of a property in Charlottetown,\n Prince Edward Island containing a 4,500 square foot building (the \"Property\") for a total purchase price of $1.148 million. The purchase price was\n satisfied by the assumption by Edgefront of the existing mortgage on\n the Property, with a principal balance of approximately $0.5 million,\n with the remainder of the purchase price paid in cash.\n\n\nOn February 26, 2013, the TSX Venture Exchange (the \"TSXV\") issued its conditional acceptance of the Qualifying Transaction. \n Upon issuance of the final exchange bulletin of the TSXV, Edgefront\n will cease to be a Capital Pool Company (\"CPC\", as defined in the policies of the TSXV) and Edgefront will recommence\n trading as a Tier 2 Real Estate Issuer on the TSXV at market opening on\n March 12, 2013. As Edgefront will no longer be a CPC, the trading\n symbol of Edgefront will be changed from \"ED.P\" to \"ED\".\n\n\nEdgefront Realty Corp.\n\n\nEdgefront Realty Corp. is currently a CPC listed on the TSXV. Following\n closing of the Qualifying Transaction, the Board of Directors of\n Edgefront will continue to be comprised of Kelly C. Hanczyk, Mario\n Forgione, Ted Manziaris and Peter M. Vukanovich. The principal business\n of Edgefront will initially be to manage and operate the Property for\n the term of the Ground Lease. It is also the intention of Edgefront to\n expand its business of purchasing, owing and operating real estate\n assets and to raise funds in the marketplace in order to convert\n Edgefront into a real estate investment trust having an external asset\n management structure, subject to receipt of all necessary approvals,\n including that of the TSXV. A copy of Edgefront's filing statement and\n the Purchase Agreement can be found on www.sedar.com.\n\n\nThe TSXV has neither approved nor disappro...