Cagim Real Estate Corporation

Cagim Real Estate Corporation

May 08, 2009 17:18 ET

Cagim Closes a $1,000,000 Financing

QUEBEC CITY, QUEBEC--(Marketwire - May 8, 2009) - Cagim Real Estate Corporation (TSX VENTURE:CIM) (the "Corporation") is pleased to announce the closing, by its subsidiary ADG Immobilier Inc. of a hypothecary loan with Societe de financement BCFL Inc.

The property covered by this 2nd rank hypothec for the amount of CAD $ 1,000,000 is Edifice Centre d'Affaires Le Mesnil, which is located at 1170 Lebourgneuf Boulevard in Quebec City. This has a 4 years term, a capital payable at maturity of the term, and a 9% per annum interest rate payable by monthly instalments.

This arm length financing, endorsed by Cagim, was set up to defray the costs of expansion of the leasable area of the Edifice Centre d'Affaires Le Mesnil, as well as the cost of the leasehold improvements for a leased premises of approximately 17,000 square feet in Edifice Centre d'Affaires Le Mesnil for the Ministry of Transport, which occupies the leased premises since February 1, 2009.

About Cagim Real Estate Corporation

The Corporation is listed on the TSX Venture Exchange and operates property management and acquisition activities. The Corporation operates its activities through its subsidiaries ADG Immobilier Inc. and Complexe Lebourgneuf Inc.

The TSX Venture Exchange does not accept responsibility for the adequacy of this release.

Contact Information

  • Cagim Real Estate Corporation
    Mr. Stephane Beshro
    Cagim Real Estate Corporation
    Mr. Guy Boutin
    Chief executive officer