Carling Place Limited Partnership

August 03, 2005 12:55 ET

Carling Place Limited Partnership: News Release

REGINA, SASKATCHEWAN--(CCNMatthews - Aug. 3, 2005) - Carling Place Limited Partnership (the "Limited Partnership") announced today that at a special meeting of Limited Partners held on Thursday, July 28, 2005, the Limited Partners passed a resolution authorizing the sale for $1.85 million of the Limited Partnership's sole investment, a commercial real estate strip mall development known as Carling Place, in Regina, Saskatchewan. The Limited Partners further passed a resolution authorizing the net proceeds from the sale, after payment of any and all of the Limited Partnership's indebtedness, to be distributed to the Limited Partners and that the Limited Partnership thereafter be dissolved.

Douglas E. Amy, President of the General Partner of the Limited Partnership, stated: "We are pleased with the decision made by the Limited Partners to sell Carling Place. Without a sale, it would have been necessary to refinance the property by September 1, 2005, as the term of current financing expires at that time. In order to obtain new financing given the fact that there are tenant vacancies in the property, Limited Partners would have had to each make substantial contributions of capital to the Limited Partnership in order to obtain such financing and pay for leasehold inducements to attract new tenants. We believe that a sale at this time was the best alternative for the Limited Partnership and its Limited Partners."

The sale of Carling Place is expected to be completed on or about September 1, 2005. As soon as practicable after the sale is completed, and any and all indebtedness of the Limited Partnership is paid in full, a final distribution of capital will be made to Limited Partners and the Limited Partnership will be dissolved.

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Forward-looking information typically contains statements using words such as "anticipate", "believe", "expect", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or statements regarding outlooks, estimates, expectation, beliefs, plans, objectives, assumptions, or statements about future events.

Readers are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, risks, uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur. Carling Place Limited Partnership undertakes no obligation to publicly update or revise any forward-looking statement in light of new information, future events, or changes in conditions.

Contact Information

  • Carling Place Limited Partnership
    Douglas E. Amy