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Huntingdon REIT announces sale of Manitoba industrial property

^{Published on 2009-08-14 07:46:27, Last Modified on 2009-08-14 07:46:40 - Market Wire}
 

 WINNIPEG, Aug. 14 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) announced that it has entered into an unconditional agreement to sell an industrial property in Winnipeg, Manitoba, known as Marion Street Business Park for $3,875,000. As part of the purchase, the purchaser will assume the first mortgage loan in the approximate amount of $1.78 million and HREIT will provide second mortgage financing in the amount of $0.8 million, bearing interest at 5% and due on January 1, 2013. The sale is scheduled for closing on September 1, 2009 and is expected to result in net cash to HREIT of approximately $1.2 million, after expenses and closing adjustments. The net cash proceeds will assist in the retirement of the Series "A" Convertible Debentures, which mature on March 22, 2010. HREIT expects to record a gain on the transaction of approximately $1.35 million. HREIT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns 72 income producing office, industrial, retail and standalone parking lot properties that have a total gross leaseable owned area of 4.8 million square feet; two land parcels held for development; two properties held for sale; and other development and expansion opportunities within the existing portfolio. The properties are located in Manitoba, Ontario, Saskatchewan, Alberta, British Columbia and Northwest Territories. HREIT also owns CRESI, a third party property management business. For further information on HREIT, please visit our website at [ www.hreit.ca ]. The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release. 

For further information: Arni Thorsteinson, President & Chief Executive Officer, or Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax: (204) 452-5505, Email: [ info@hreit.ca ]