Park Lawn Income Trust

Park Lawn Income Trust

May 01, 2008 17:14 ET

Park Lawn Income Trust Announces Land Acquisition

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Park Lawn Income Trust (the "Fund") (TSX VENTURE:PLC.UN) announced today that it has completed the acquisition of additional land owned by the Beth Tzedec Congregation. The completed transaction adds approximately 3.593 acres adjacent to Westminster Cemetery. The purchase price is $1,796,500 and is based on $500,000 per acre. The Fund paid $446,500 on closing with the Beth Tzedec Congregation holding a first mortgage on the property for the balance of the funds owing. The mortgage will be paid down over the next three years and bears interest at the rate of 5% per annum. The land is zoned for cemetery uses.

Park Lawn owns and operates six cemeteries in western Toronto.

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Contact Information

  • Park Lawn Income Trust
    Frank Mills
    (416) 231-1462
    (416) 233-8155 (FAX)