NOVEMBER 15, 1999
Boardwalk Continues Ontario Expansion With Purchase Of
1,515 Units For $65.6 Million
CALGARY, ALBERTA--Boardwalk Equities Inc. ("BEI" - TSE, ASE, ME)
takes pleasure in announcing continued expansion in the Ontario
marketplace, with the purchase of 1,515 multi-family residential
units for a total consideration of $65.6 million, or the
equivalent of $43,300 per suite. These acquisitions add
approximately 1,225,000 s.f. to the Company's portfolio, at an
overall cost of under $54 per rentable s.f. - well below current
replacement cost levels. The purchases are to be financed through
a combination of cash to new and existing mortgage financing, with
no issuance of new shares. The majority of the transactions are
scheduled to close prior to the end of the 1999 calendar year.
Specific details of the acquisitions include:
- A total of 708 units in Windsor, Ontario, where Boardwalk
already has a significant presence and is experiencing strong
absorption of its renovated units. All but 40 units are in
elevatored, high rise buildings.
- An addition of 478 units to Boardwalk's London portfolio,
including 82 townhouse units and 396 elevatored high rise suites.
- The entry into the Kitchener marketplace, with the purchase of
329 well located high rise units having excellent market
repositioning potential.
The Company is extremely pleased with these new acquisitions,
which demonstrate its continued focus on economically viable
transactions of well located properties at a fraction of their
replacement cost. Boardwalk plans to continue its value based
acquisition program in new and existing markets throughout
Alberta, Saskatchewan and Ontario, already having purchased 3,374
units in the past seven months in Ontario alone.
Boardwalk's fundamentals and overall operations are extremely
strong, with internally generated cash flows providing the
necessary funds for continued profitable growth. All of
Boardwalk's markets are at the leading edge of economic growth
forecasted for Canada, which bodes well for the future of
multi-family housing in these markets.
Boardwalk Equities Inc. is a customer oriented, technologically
advanced real estate company specializing in the acquisition and
management of multi-family residential projects throughout Canada.
Boardwalk owns or has contracted to acquire over 25,200 units
representing approximately 21 million net rentable square feet.
Fax back information service is also available at (403) 531-9321.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Boardwalk Equities Inc.
Sam Kolias
President
(403) 531-9255
or
Boardwalk Equities Inc.
George Reti
Executive Vice-President
(403) 531-9255
or
Boardwalk Equities Inc.
Massimo Geremia
Investor Relations
(403) 531-9255
http://www.bwalk.com
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