TSX.V-IIP
TORONTO, Jan. 16 /CNW/ - In a move expected to increase efficiencies and
reduce costs, InterRent International Properties Inc.,("InterRent" or the
"Company") today announced that it has consolidated its property management
and administrative operations with those of its arms length property manager,
Adelaide Development Corp. in a new "state of the art" operations center in
Toronto's west end. The asset management operations of InterRent will continue
to be located at the Company's head office at the Exchange Tower, First
Canadian Place in Toronto's financial district.
Commenting on the move, Michael Newman, President and CEO of the Company
stated, "With the tremendous growth that our Company has undergone in the past
year, it made operational and financial sense to combine our property
management and administrative functions with those of Adelaide Development
Corp. Adelaide has been our exclusive property manager for the past six and a
half years, and has been a major contributor to InterRent's successful
expansion from 45 units when they first began managing our buildings to the
current 1,146. We expect our relationship to grow even stronger and closer as
InterRent's portfolio continues to expand."
Mr. Paul Roberts, Managing Director of Adelaide Development Corp. and a
director of InterRent added, "We are very proud of the role that we have
played in InterRent's growth over the past six and a half years and look
forward to exploiting the synergies available from the combination of our two
operations into a new, modern operations center."
InterRent is a rapidly expanding, growth oriented real estate company
engaged in building shareholder value through the acquisition, ownership and
operation of strategically located income producing multi-residential real
estate, with 1,146 apartment suites under ownership.
Adelaide Development Corp. is a ten year old, private Ontario Company in
the business of managing multi residential investment properties in Ontario
for arms length owners.
Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from
those reflected in the forward looking-statements unless and until required by
securities laws applicable to the Company. Additional information identifying
risks and uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00010579E
