TSX-V:IIP
TORONTO, Dec. 7 /CNW/ - InterRent International Properties Inc. ("InterRent") and InterRent Real Estate Investment Trust (the "REIT") are pleased to announce the successful completion of the reorganization, by way of plan of arrangement, of InterRent's business and properties into a real estate investment trust to be named "InterRent Real Estate Investment Trust". The conversion also had the effect of combining InterRent's property portfolio with the additional properties held by the Silverstone Group, resulting in an aggregate of over 1,700 suites.
Following the conversion, the REIT will have issued and outstanding approximately 6,061,219 REIT Units, including Class B limited partnership units exchangeable for REIT Units on a one-for-one basis. The REIT Units will commence trading today on the Toronto Venture Exchange under the symbol "IIP.UN". Full particulars of the REIT conversion and plan of arrangement can be found at www.sedar.com
Michael Newman, the Chief Executive Officer of the REIT, commenting on the recent corporate developments stated, "It is with a great deal of personal satisfaction that I view our Company's transition to a REIT structure, and the continuation of our highly successful growth strategy at the next level. I believe that our conversion to a REIT will accelerate our growth and enhance shareholder value. I want to thank our Board of Directors, management, employees, shareholders and especially our tenants for helping us grow our Company in ten short years from nine to over 1,700 suites."
James McClintock, President and Chief Operating Officer of the REIT added, "I speak for myself, my staff and investors when I say how pleased and excited we are to be a part of this conversion and growth as InterRent REIT. Everyone has worked very hard on this transaction and we feel very strongly that this combined entity can achieve accretive growth and add substantial value to unit holders over the coming years."
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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