Counsel Corporation
TSX : CXS

Counsel Corporation

May 31, 2006 16:37 ET

Counsel Corporation Acquires Kingspoint Plaza in Brampton, Ontario

TORONTO, ONTARIO--(CCNMatthews - May 31, 2006) - Counsel Corporation (TSX:CXS) oday announced that it had acquired, for its own account and on behalf of a group of investors, Kingspoint Plaza at Main and Vodden Streets in Brampton, Ontario. Kingspoint Plaza is a 165,000 sq. ft. strip plaza on a 17 acre site that includes a gas station and two land leased pads, with a newly opened Giant Tiger store as its anchor tenant. The purchase price was approximately $22.0 million before closing and related costs, which is being financed with a $16.5 million, 10-year term, 25-year amortization, first mortgage at 5.56%.

"Kingspoint Plaza is located at a high-traffic intersection and is strategically tenanted to meet the needs of the surrounding community," said Allan Silber, Counsel's Chairman and CEO. "Counsel will continue to focus on value creation opportunities in real estate."

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: long-term care, real estate, patent licensing and custom case goods. For further information, visit Counsel's website at www.counselcorp.com.

Forward-Looking Statements

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.


Contact Information

  • Counsel Corporation
    Stephen Weintraub
    Executive Vice President, Secretary & CFO
    (416) 866-3058
    www.counselcorp.com