Taggart Capital Corp. (TSXV:TAG.P) completed the acquisition of 10,574 Square Foot Two Storey Commercial Retail Property in Moncton from Commercial Properties Limited.
January 28, 2013 at 11:00 pm
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Taggart Capital Corp. (TSXV:TAG.P) acquired 10,574 Square Foot Two Storey Commercial Retail Property in Moncton from Commercial Properties Limited for CAD 5.9 million in cash on November 7, 2012. The purchase price will be payable by way of CAD 3.12 million in cash and assumption of existing mortgage secured of CAD 2.85 million. The purchase price is subject to closing costs and customary adjustments. An additional deposit of CAD 0.1 million will be payable upon the Manager waiving certain conditions set out in the acquisition agreement. In a related deal, Taggart Capital will complete private placement of 1.58 million at price of CAD 0.15 and upto 17.5 million shares at a price of CAD 0.30.
Gordon G. Lawlor and James W. Beckerleg directly or indirectly will purchase all of the 3.45 million seed shares currently held in escrow at a purchase price of CAD 0.13 per share, for aggregate consideration of CAD 0.44 million. Upon completion of the transactions, Gordon G. Lawlor and James W. Beckerleg become, respectively, President, Chief Executive Officer and Director and Chief Financial Officer and Director Taggart Capital Corp. The deal is subject to completion of private placement, acceptance of exchange and seed share transaction. The Two Storey Commercial Retail Property in Moncton generated net operating income of CAD 0.36 million for the period ending December 31, 2011.
Taggart Capital completed private placement for a total amount of CAD 6.3 million on December 21, 2013. The proceeds of private placement will be used satisfy the cash component of the acquisition transaction. As of January 21, 2013, Taggart Capital received approval from Toronto Stock exchange for the acquisition and other related transactions.
Labec Realty Advisors Inc. acted as advisor for Taggart Capital Corp. Nicole Cloutier of Osler, Hoskin & Harcourt LLP acted as legal advisor for Taggart Capital Corp. Stewart McKelvey acted as legal advisor for Commercial Properties Limited. Gregory Harding of Stewart McKelvey acted as legal advisor for Commercial Properties Limited. Moore Stephens Cooper Molyneux LLP acted as accountant for Taggart Capital Corp.
Taggart Capital Corp. (TSXV:TAG.P) completed the acquisition of 10,574 Square Foot Two Storey Commercial Retail Property in Moncton from Commercial Properties Limited on January 29, 2013.
PRO Real Estate Investment Trust is a Canada-based industrial-focused open-ended real estate investment trust (REIT). The Trust owns a portfolio of commercial real estate properties in Canada, with an industrial focus on robust secondary markets. Its segments include three classifications of investment properties: Industrial, Retail and Office. It is present in ten Canadian provinces, with a high concentration in Eastern and Central Canada. The Trust owns over 117 investment properties (including a 50% ownership interest in 42 investment properties), representing approximately 6.2 million square feet of gross leasable area (GLA), including 135 Main Street in Moncton, New Brunswick; Amherst, Nova Scotia; Daveluyville, Quebec; Saint John, New Brunswick; Edmonton, Alberta; Miramichi, New Brunswick; Digby, Nova Scotia; Woodstock, New Brunswick, and others. The Trust's properties are located in Western Canada, Ontario, Quebec and Atlantic Canada.
Taggart Capital Corp. (TSXV: TAG.P) completed the acquisition of 10,574 Square Foot Two Storey Commercial Retail Property in Moncton from Commercial Properties Limited.
PRO REAL ESTATE INVESTMENT TRUST 
