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Abacus Real Estate Investments Ltd. - Transaction Announcement
TORONTO, April 22 /CNW/ - Abacus Real Estate Investments Ltd. (AbREIL)
today announced that on February 4th, 2005 it completed the purchase of the
Terrarium Shopping Centre and Place Canada Trust Office Building in Pointe
Claire, Quebec. The 333,000 square foot complex, anchored by Zellers, has
approximately 270,000 square feet of retail space and approximately
63,000 square feet of office space. The acquisition was completed in
partnership with King Street Capital Partners, a Canadian private equity real
estate investment fund. AbREIL has been retained by the partnership to provide
asset management and development services for the assets. The purchase price
for the acquisition was $28,450,000. AbREIL obtained mortgage financing from
Standard Life Assurance Company of Canada and GMAC Commercial Mortgage of
Canada to facilitate the acquisition. The partnership was advised by Gardiner
Roberts LLP and McCarthy Tétrault LLP on the legal aspects of the transaction.
About Abacus Real Estate Investments Ltd. Abacus Real Estate Investments
Ltd. (AbREIL) is a private Canadian real estate investment and development
services company, based in Toronto, which specializes in acquiring real estate
properties, of all asset types, that through management initiatives can offer
its principals and partners attractive returns. As part of its strategy to
build a diversified portfolio, AbREIL is aggressively pursuing acquisitions
throughout Canada that offer attractive initial cash returns and/or
value-creation opportunities through development or repositioning initiatives.
AbREIL has offices in Montreal, Vancouver and Toronto.
About the Standard Life Assurance Company of Canada. In Canada, The
Standard Life Assurance Company of Canada and its affiliated companies have
$36.1 billion in assets under management and offer a wide range of financial
products, including group savings and retirement, group insurance, individual
life insurance, savings and retirement, and mutual funds. They also provide
portfolio management and real estate and mortgage investment services. Total
premium income and deposits reached $4.7 billion in 2004 with over 1.2 million
customers. (www.standardlife.ca)
About GMAC Commercial Mortgage of Canada. GMAC Commercial Mortgage of
Canada, Limited (GMACCM Canada), a wholly owned subsidiary of GMAC Commercial
Holding Corp., is a premier financial services firm fulfilling the needs of
Canadian commercial real estate owners. With offices in Toronto and Montreal,
GMACCM Canada provides commercial real estate loans and quality servicing to
the Canadian marketplace. With a broad menu of innovative financing programs
and a highly experienced team of employees, GMACCM Canada is the preferred
choice for commercial real estate financing and servicing solutions.
For further information: Please email at
info@abacusrealestateinvestments.com or call (416) 214-2250
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