COUNSEL REIT ANNOUNCES THE PURCHASE OF NORTH PARK SHOPPING CENTRE AND PORT DOVER SHOPPING CENTRE.TORONTO, ONTARIO--(BUSINESS WIRE)--MARCH 6, 1995--COUNSEL REAL ESTATE(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :REI.UN) Counsel Management Services Inc. ("CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) "), today announced that Counsel Real Estate Investment Trust (TSE:REI.UN) ("Counsel REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ") which it manages, acquired two Ontario shopping centres, one in Brantford, the other in Port Dover. The centre in Brantford comprises 59,000 sq.ft and is 85 percent occupied - 64 percent are national tenants and include a 30,500 sq. ft. supermarket. The purchase price was $4.72 million. The anchor tenant in the Port Dover centre is a national supermarket, comprising 63 percent of the plaza. Both properties generate a going-in yield in double digits Double Digits was a pricing game on the American television game show, The Price Is Right. Played from April 20, 1973 through May 18, 1973's show, it was played for a car and used small prizes. . Edward Sonshine, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CMSI said, "These acquisitions show good potential for increasing the income in the near term through the leasing of existing vacancies and the stabilization of the overall tenant base. The properties have strong core tenants which make them very attractive locations for many convenience-type tenants." Mr. Sonshine added, "Counsel REIT has purchased seven new properties in just over nine months. In every case, the existing returns and the potential for income and capital appreciation have been very good. These purchases are a example of the buying opportunities that are available. Counsel REIT has $12 million in cash. We expect to invest these funds in additional prime properties, soon." Counsel REIT's portfolio consists of 19 commercial properties well located across Canada. The asset mix continues to be focused mainly on retail, with 12 shopping centres, 3 office buildings, 3 light industrial-use properties and 1 recreational property. Counsel REIT's manager, Counsel Management Services Inc., is a wholly-owned subsidiary of Counsel Corporation (TSE:CXS CXS Coherent X-Ray Scattering ). CMSI manages over $1 billion of real estate assets across Canada for Counsel REIT, institutions and individual investors. These include 93 shopping centres, 12 office buildings, 10 industrial buildings and 1 recreational building comprising approximately 10 million square feet. CONTACT: Edward Sonshine, Q.C. President & CEO Counsel Management Services, Inc. 416/866-3018 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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