WINNIPEG, March 17, 2005 – Huntingdon Real Estate Investment Trust (“HREIT”) (TSX Venture: HNT.UN) announced today that that it has agreed to acquire all outstanding shares of Co-operators Real Estate Services Inc. (“CRESI”) from the Co-operators Development Corporation Limited. The acquired company will continue to operate as an independent property management company.
CRESI is a well-established company responsible for the management of a national portfolio of real estate properties, comprising in excess of 1.9 million square feet of office and retail property and 3,400 residential units.
The total acquisition price is $2,850,000 and will be funded entirely in cash. The acquisition is anticipated to close on or before March 31, 2005.
HREIT is a real estate investment trust, which is listed on the TSX Venture Exchange under the symbol HNT.UN. The objective of HREIT is to provide Unitholders with stable cash distributions from investment in a geographically diversified Canadian portfolio of quality commercial and industrial real estate properties.
Co-operators Development Corporation Limited is a subsidiary of Guelph, Ontario-based Co-operators Group, a national group of Canadian companies focussing on home, auto, life, commercial and farm insurance, as well as investment products and property management and development. The Co-operators group provides insurance protection to over two million Canadians and has assets of more than $5.9 billion.