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CA Bancorp completes sale of interest in Charter REIT.

Global Banking News-7 June 2010-CA Bancorp completes sale of interest in Charter REIT(C)2010 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 07 June 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

CA Bancorp Inc (TSX: BKP) has said that it has completed the previously announced sale of its units of Charter Real Estate Investment Trust (TSX VENTURE: CRH.UN) to IGW Public Limited Partnership, an affiliate of League Assets Corporation at a price of USD1.45 per unit.

The sale yielded gross proceeds to CA Bancorp of approximately USD8.77m.

In connection with the sale, the agreement dated March 27, 2007 between Charter and CA Realty Management Inc, a wholly owned subsidiary of CA Bancorp, was terminated. CA Bancorp's severance costs in connection with the termination of the management agreement total approximately USD0.69m.

CA Bancorp is a publicly traded Canadian merchant bank and alternative asset manager, which is focused on investments in small- and middle- capitalisation public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.

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Publication:Global Banking News (GBN)
Date:Jun 7, 2010
Words:200
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