Dundee Realty Corp. announces acquisition.TORONTO--(BUSINESS WIRE)--April 21, 1997--Dundee Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation, announces that it has acquired 70 units and 7,850 square feet of retail space in The Memphis, a luxury condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. residence comprised of 268 units located at 942 Yonge Street, Toronto, Ontario. The purchase price of approximately $9 million was paid in cash at closing, however, the Company is in the process of arranging first and second mortgage financing for a term of 18 months of approximately $6.3 million and $1.4 million, respectively, in connection with the purchase. The financing will be repaid from the proceeds of unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. . The Company intends to do some minor repairs and maintenance and then market the residential units to individual homeowners and retain the retail space. Since January 1997, Dundee Realty Corporation has announced the acquisition of over $40 million of real estate assets and the issue of equity for gross proceeds of $19 million. Dundee Realty Corporation is a diversified diversified (di·verˑ·s public real estate company engaged in the ownership, development, property management and syndication See syndication format. of commercial and residential real estate in Canada and resort properties in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The current strategy of the Company is to aggressively expand its real estate assets and operations in Canada through strategic acquisitions. The Company expects to pursue a broad spectrum of potential acquisitions which includes commercial revenue properties, residential revenue properties, development land, commercial developments, residential developments, resort developments and operating real estate companies. CONTACT: Dundee Realty Corporation 57th Floor, Scotia Plaza Scotia Plaza is a commercial office complex in the city of Toronto, Ontario, Canada. The complex is situated in the financial district of the downtown core, and is generally bordered by Yonge Street on the east, King Street West on the south, Bay Street on the west, and Adelaide 40 King Street West Toronto, Ontario M5H 4A9 Telephone: (416) 365-3535 Facsimile: (416) 365-3545 or Michael J. Cooper Chairman and Chief Executive Officer or Jeff B. Barnes Vice President Finance and Chief Financial Officer |
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