Cagim Real Estate Corporation Subsidiary, Complexe Lebourgneuf, Inc., Acquires Commercial Land And Partnership With Les Immeubles Perron Lee
The management of Cagim Real Estate Corporation (TSX: CIM) (the “Corporation”) is pleased to announce the acquisition by its subsidiary, Complexe Lebourgneuf Inc., of the vacant commercial land located on Lebourgneuf Boulevard in the Lebourgneuf district of Quebec City. The land, with an area of approximately two hundred fifty-six thousand five hundred square feet (256,500 s.q.), was acquired at the price of one million six hundred sixty-seven thousand one hundred ninety dollars ($1,667,190) plus applicable taxes and related fees (the “Purchase Price”). The Purchase Price is partially financed by a hypothecary loan from Hypotheques CDPQ Inc. (the “CDPQ”), through MCAP, for an amount of one million dollars ($1,000,000), at a variable interest rate in accordance with market conditions. The balance of the Purchase Price will be paid from the working capital of the Corporation. The Corporation intends to begin the construction of a commercial building of an area of one hundred sixty thousand square feet (160,000 sq.ft.) in the beginning of 2008.
Furthermore, the Corporation announces the acquisition by its subsidiary, Palim Inc., of a second piece of commercial land located at 6700 Pierre-Bertrand Boulevard in the Lebourgneuf district of Quebec City. The land, with an area of approximately one hundred ninety-four thousand square feet (194,000 s.q.), was acquired at the price of one million one hundred fifty-eight thousand two hundred seventy-eight dollars ($1,158,278) plus applicable taxes and related fees (the “Acquisition Price”). The Acquisition Price is partially financed by a hypothecary loan from the CDPQ, through MCAP, for an amount of six hundred fifty thousand dollars ($650,000), at a variable interest rate in accordance with market conditions. The balance of the Purchase Price will be paid from the working capital of the Corporation. The construction of a commercial building of an area of one hundred five thousand square feet (105,000 sq.ft.) should begin mid-May.
In order to acquire the land located at 6700 Pierre-Bertrand Boulevard, the Corporation entered into a partnership with Les Immeubles Perron Ltee, a company dealing in contruction and commercial real estate for three generations. “We are pleased to have partnered with Cagim Real Estate Corporation and to have entered the Quebec City market” declares Mr. Gilles Perron, President of Les Immeubles Perron Ltee. This company currently owns land with an approximate area of seven hundred thousand square feet (700,000 sq.ft.) in the Saguenay region (Chicoutimi), with respect to which Cagim Real Estate Corporation, through its subsidiary Palim Inc., will participate in the construction of a power-center toward the end of 2007 and the beginning of 2008.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.