TORONTO, ONTARIO--(Marketwire - Oct. 9, 2007) - Counsel Corporation (TSX:CXS) today announced that it has acquired, for its own account and on behalf of a group of investors, 575 Park Road North, a retail centre located in the north end of the city of Brantford, in southwestern Ontario. The centre is situated on an 8.2 acre site and has exposure to major arterial roads on three sides: Park Road, Dunsdon Street and Wayne Gretzky Parkway. The centre contains approximately 84,000 square feet of rentable space, which is currently 100% occupied. The property's major tenants are RONA Inc., Park Racquet and Fitness and Brantford Gymnastics. The purchase price was approximately $4.0 million, including closing and related costs, which is being financed with $2.2 million of combined first and vendor two-year mortgages at 5.61%. The in-place net operating income of the property represents a going in un-leveraged return in excess of 9.5%.
"575 Park Road North offers a number of value creation opportunities," said Allan Silber, Counsel's Chairman and CEO. "There is room for expansion and the site's outside storage zoning naturally caters to hardware distribution."
About Counsel Corporation
Counsel Corporation (TSX:CXS) is a diversified company focused on the acquisition of businesses in diverse industry sectors and at various stages of their business life cycles. Its goal for acquired businesses is to create value within these businesses and to realize on the value creation at the appropriate time. Counsel currently operates in four specific sectors: real estate, case goods, patent licensing and long-term care. For further information, visit Counsel's website at www.counselcorp.com.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel Corporation's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond Counsel Corporation's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings.
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