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InterRent and Adelaide enter property agreement

InterRent Properties Ltd

Shares issued 17,386,435
2000-03-31 close $1.60

Monday Apr 3 2000
Mr. G. Michael Newman reports

InterRent Properties has entered into an exclusive, three-year property management agreement with Adelaide Development Corp., a property manager of small- and medium-sized residential buildings, also of Toronto. The agreement will see Adelaide Development assume management of those of InterRent's 11 current properties that it does not already manage, as well as the management of all future InterRent residential income properties. Financial terms of the agreement were not disclosed.

InterRent's president and chief executive officer, G. Michael Newman, stated, "This agreement will benefit InterRent by reducing current management expenses, increasing the bottom line and provide our tenants with long-term, reliable, quality service on a continuous basis." Paul Roberts, Adelaide's managing director, added, "Having the security of a long-term agreement with a rapidly expanding company like InterRent will allow us to take advantage of economies of scale, thereby lowering InterRent's costs of management and allowing Adelaide to implement new programs to benefit InterRent's tenants."

InterRent Properties, with 11 properties currently owned, is exclusively engaged in the acquisition, ownership and operation of high-quality, well-located residential income producing properties within the Greater Toronto area. Adelaide Development Corp. is a provider of management services to owners and operators of single and multiunit residential buildings within the Greater Toronto area.


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