VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 17, 2015) -
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES.
Woodfine Capital Projects Inc. announces that it has initiated four public non-listed commercial real estate funds that are planned to develop four distinct classes of real estate in Western Canada's secondary centres. The four funds will focus on professional offices, light industrial, retail outlets, and suburban offices, and investors may choose to participate in any or all of these sectors through the purchase of units issued by one or more of the funds.
The funds may invest only in building sites located within a predetermined distance from an existing Power Centre, defined as a large aggregation of retail stores surrounded and anchored by free-standing large box-store commercial retail tenants of good reputation, with at least one store in excess of 60,000 square feet. The funds will not purchase existing buildings.
Woodfine Professional Centres LP is the first of the funds to start operations. It has, through wholly owned subsidiaries, signed conditional purchase agreements, and paid deposits, on building sites in Airdrie and Okotoks, Alberta, two satellite communities near Calgary, Alberta.
Each fund will follow the model of Woodfine Professional Centres LP with the features listed below:
The funds will issue first secured mortgage debentures backed by their assets, enabling them to obtain required loan capital directly from investors. These debentures will be transferable, subject to the same conditions as apply to the units issued by each fund. Total borrowing by a fund may not exceed a maximum calculated by reference to a stated interest coverage ratio. Holders of units will have a right of first refusal to purchase the first secured mortgage debentures.
An investment in one or more of the funds offers several of the features of an investment in a listed real estate investment trust (REIT):
The funds also have features that are usually associated only with a private investment:
An investment in the funds is suitable for investors who have a longer-term investment horizon, and seek realistic returns and balanced stable growth of periodic income.
Units in the limited partnerships have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy. There will be no sale of units in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable securities laws and regulations.
Forward-Looking Statements
This press release contains forward-looking statements, including information concerning the structure and plans of the funds. The forward-looking statements are based on certain expectations and assumptions made by the management of Woodfine Capital Projects Inc. and the funds. Although management believes that those expectations and assumptions are reasonable, undue reliance should not be placed on them because management can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve risks and uncertainties. Actual results and plans, as implemented, can differ materially from those anticipated due to a number of factors and risks. The forward-looking statements made in this press release are made as of the date hereof, and Woodfine Capital Projects Inc., the funds, and management disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities legislation.
About Woodfine Capital Projects
Woodfine Capital Projects Inc. is an alternative asset manager that originates funds for the procurement, development, and management of real property. Peter M. Woodfine and other members of the company have been involved in the construction, leasing, development, management, and syndication of commercial real estate in Western Canada since the early 1980s.
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