CALGARY, Sept. 9 /CNW/ - Mainstreet Equity Corp. ("Mainstreet") disposed of a single property with 58 residential units located in Calgary Alberta for $ 9.2 million or $159,000 per unit. This resulted in a pre-tax gain of approximately $6 million to the Corporation. Upon completion of the transaction noted above, Mainstreet's portfolio in Alberta will have 3,020 units, of which 1,220 units are in Calgary. Mainstreet has a total of 5,939 units across Canada.
The disposed property is considered as a mature property with a limited future added value potential. Net proceeds of approximately $6 million received from the disposition will be used for future acquisitions of properties with high added value potential.
Mainstreet Equity Corp. is a publicly traded real estate company focused on the acquisition, value enhancement, repositioning and management of "mid-market" multi-family residential rental properties across Canada. Mainstreet's common shares are listed on the Toronto Stock Exchange under the trading symbol MEQ.
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