Madison Pacific Properties Inc.

October 30, 2009 18:57 ET

Madison Pacific Properties Inc. Announces Sale of Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2009) - Madison Pacific Properties Inc. (TSX:MPC)(TSX:MPC.C) a Vancouver-based real estate company announces that it has completed the sale of two properties for proceeds of approximately $40 million. These sales were previously announced in the second quarter release of the Company.

The properties sold included the 5.7 acres of land the Company owned at Lougheed Highway and Willingdon Ave. in Burnaby British Columbia. As a condition of the sale of property the Company will provide vendor financing for $27.75 million repayable over the next three years at $9.25 million per year plus interest. The purchaser has granted the Company security over the property which will rank behind construction loans.

This press release contains forward-looking statements regarding the future success of Madison's business that are subject to risk and uncertainties. Examples of such forward-looking statements include the collectible of the $27.75 million vendor financing. Forward looking information typically contain statements with words such as "expect", "believe", "plan", "forecast", "intend" or similar words suggesting future outcomes. These forward-looking statements involve known and unknown risk and uncertainties that may cause Madison's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. These risks include that the purchaser of the Lougheed and Willingdon property may not be able to repay the principal and interest as the amounts become due and/or the security given against the financing is not adequate to cover the unpaid balance and the risks and uncertainties described in the Company's 2008 annual report and second quarter MD&A. Although the forward-looking statements contained herein are based upon what management believes to be current and reasonable assumptions, Madison cannot assure readers that the actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any such forward-looking statements to reflect in its expectations or in events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results from those set forth in the forward-looking statements.

Contact Information

  • Madison Pacific Properties Inc.
    Mr. Alan Firth
    (604) 732-6540
    Madison Pacific Properties Inc.
    Mr. Bill Ramsey
    Chief Financial Officer
    (604) 732-6540
    (604) 732-6550 (FAX)