Counsel Corporation Acquires Lancaster Mall in Saint John, NB.TORONTO -- Counsel Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CXS CXS Coherent X-Ray Scattering ) today announced that it had acquired, for its own account and on behalf of a group of investors, the Lancaster Mall in Saint John, New Brunswick Saint John[3] is the largest city in the province of New Brunswick and the oldest incorporated city in Canada. In 2006 the city proper had a population of 68,043. The population of the Census Metropolitan Area is 122,389. . Lancaster Mall is an enclosed shopping centre with approximately 199,000 sq. ft. of net rentable area, including three freestanding pads. The area of the site is approximately 23 acres. The centre is 94% leased and over 80% of its space is leased to national tenants. The purchase price was approximately $12.2 million before closing and related costs. "We believe that Lancaster Mall is an excellent property in a thriving market, with solid prospects for appreciation in income and value. Counsel will continue to focus on value creation opportunities in real estate," said Allan Silber, Chairman and 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 Counsel. About Counsel Corporation Counsel Corporation (TSX:CXS) is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a focused on the acquisition of businesses in diverse industry sectors and at various stages of their business life cycles. Its goal for acquired businesses is to create value within these businesses and to realize on the value creation at the appropriate time. Counsel currently operates in three specific sectors: long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. , real estate, and patent licensing. For further information, visit Counsel's website at www.counselcorp.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel Corporation's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond Counsel Corporation's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings. Counsel Corporation (TSX:CXS) |
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