Madison Pacific Properties Inc. Announces Sale of Properties
October 30 2009 - 6:57PM
Marketwired
Madison Pacific Properties Inc. (TSX: MPC)(TSX: MPC.C) a
Vancouver-based real estate company announces that it has completed
the sale of two properties for proceeds of approximately $40
million. These sales were previously announced in the second
quarter release of the Company.
The properties sold included the 5.7 acres of land the Company
owned at Lougheed Highway and Willingdon Ave. in Burnaby British
Columbia. As a condition of the sale of property the Company will
provide vendor financing for $27.75 million repayable over the next
three years at $9.25 million per year plus interest. The purchaser
has granted the Company security over the property which will rank
behind construction loans.
This press release contains forward-looking statements regarding
the future success of Madison's business that are subject to risk
and uncertainties. Examples of such forward-looking statements
include the collectible of the $27.75 million vendor financing.
Forward looking information typically contain statements with words
such as "expect", "believe", "plan", "forecast", "intend" or
similar words suggesting future outcomes. These forward-looking
statements involve known and unknown risk and uncertainties that
may cause Madison's actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied in these forward-looking
statements. These risks include that the purchaser of the Lougheed
and Willingdon property may not be able to repay the principal and
interest as the amounts become due and/or the security given
against the financing is not adequate to cover the unpaid balance
and the risks and uncertainties described in the Company's 2008
annual report and second quarter MD&A. Although the
forward-looking statements contained herein are based upon what
management believes to be current and reasonable assumptions,
Madison cannot assure readers that the actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained herein are made as of the date
of this press release and are expressly qualified in their entirety
by this cautionary statement. Except as required by law, the
Company undertakes no obligation to publicly update or revise any
such forward-looking statements to reflect in its expectations or
in events, conditions or circumstances on which any such
forward-looking statements may be based, or that may affect the
likelihood that actual results from those set forth in the
forward-looking statements.
Contacts: Madison Pacific Properties Inc. Mr. Alan Firth
President (604) 732-6540 Madison Pacific Properties Inc. Mr. Bill
Ramsey Chief Financial Officer (604) 732-6540 (604) 732-6550
(FAX)
Madison Pacific Properties (TSX:MPC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Madison Pacific Properties (TSX:MPC)
Historical Stock Chart
From Jul 2023 to Jul 2024