News

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16
Dec

INTERRENT PROPERTIES LTD. ENTERS INTO AGREEMENT TO ACQUIRE NINTH RESIDENTIAL PROPERTY, DOUBLES SIZE IN ONE YEAR

Thursday December 16 1999

HOUS.CDN

TORONTO, ONTARIO: InterRent Properties Ltd. (the "Corporation") of Toronto has announced that it has entered into an agreement to purchase from an arm's length party a 6-unit multi-unit residential income property adjacent to one of its currently owned properties, in the Parkdale area of Toronto for a purchase price of $475,000 payable in cash. As a result of this acquisition the Corporation now controls 54 living units, up from 24 living units at the end of 1998 and has increased its income portfolio from 4 properties at the end of 1998 to 9. The acquisition is scheduled to close on February 15, 2000.

A Corporation spokesperson stated, "This latest acquisition is in keeping with our strategy of acquiring quality properties near Toronto's waterfront and close to the downtown core. With the recent announcement of redevelopment plans for the area within which the bulk of our buildings are located, we expect our existing portfolio to appreciate in value. The proximity of our other rental properties will continue to provide economies of scale and operating efficiencies for our latest purchase."

InterRent Properties Ltd. is exclusively engaged in the acquisition, ownership and operation of high quality, well located residential income producing properties within the Greater Toronto Area.

The current issued and outstanding capital of the Corporation consists of 16,062,944 common shares and 15,785,000 warrants exercisable at $0.25 per share for a period of two years ending November 2, 2001.

All trades in the Corporation's common shares are reported to the Canadian Dealing Network Inc. for trade reporting purposes only.

For further information contact:

G. Michael Newman, President & CEO
Tel: (905) 773-2435
Fax: (905) 773-2437
eMail: Interrent@canada.com

 

CONTACT INTERRENT PROPERTIES LTD. www.interrentproperties.com