VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 2016) -
This document corrects and replaces the release that was issued by Woodfine Professional Centres Limited Partnership on June 30, 2016 at 12:51 ET. The error occurred in the 12th paragraph, "360 million" should have been "360 thousand".
Not for dissemination or distribution in the United States.
WOODFINE PROFESSIONAL CENTRES LIMITED PARTNERSHIP ("Partnership") announces that its business has expanded to include the procurement, development and management of Woodfine Retail Select Buildings, Woodfine Suburban Offices and Woodfine Tech Industrial Buildings. This is in addition to the Partnership's existing focus on Woodfine Professional Centres.
The expansion of the Partnership's business to include these additional categories of development comes in response to feedback received during recent meetings with investor groups and their professional agents. The separate categories of projects have previously been segregated in different WOODFINE limited partnerships, providing investors the opportunity to direct their investments to a particular category of project. However, the feedback from meetings shows that investors prefer to leave the allocation of funds among the various categories of project in the hands of the general partner of the Partnership's directors and management.
The Partnership's limited partnership agreement has been amended, as required, to reflect the changes mentioned in this press release.
The three additional development categories are:
WOODFINE RETAIL SELECT BUILDINGS: combinations of buildings that provide from 10,000 to 25,000 square feet of free standing space to national tenants such as banks, engineering companies, medical clinics, or a strip of similar users.
WOODFINE SUBURBAN OFFICES: 6 to 15 storey buildings, with individual floor plates of between 15,000 to 25,000 square feet, designed to meet the needs of professional service providers in specialties such as health care, accounting, law, or engineering.
WOODFINE TECH INDUSTRIAL BUILDINGS: combinations of buildings with individual bays ranging in size from 2,000 to 10,000 square feet, designed to meet the needs of industrial/commercial owner-operators.
The Partnership's existing business includes the procurement, development and management of WOODFINE PROFESSIONAL CENTRES, 3 to 5 storey buildings providing between 50,000 to 90,000 square feet of space, designed to meet the needs of professional service providers in specialties such as health care, accounting, law, or engineering.
WOODFINE BUILDINGS will be constructed to LEED core and shell standards, and provide institutional grade space that meets the needs of national and professional tenants. Specimen engineering drawings have been prepared for the Partnership's four categories of buildings, and for the layout and amenities in associated areas.
All WOODFINE BUILDINGS will be newly constructed by the Partnership on its own properties situated in proximity to Power Centres in the secondary markets of Western Canada. Adequate parking is assured by the Partnership's development criteria. Power Centres are large aggregations of retail stores surrounded and anchored by large box-store commercial retail tenants of good reputation, at least one of which has at that location a premises in excess of 60,000 square feet.
The Partnership has identified three initial locations in Alberta that provide the opportunity to construct up to 360 thousand square feet of net leasable space that meets the Partnership's requirements.
The directors and management of the Partnership's general partner are experienced real estate professionals. A majority of the directors are required to be at arm's length from the promoter.
The Partnership is raising up to $250 million (all figures in Canadian funds) through the private placement of limited partnership units at $100.00 per unit to long term investors in exempt markets. Seed capital of $1 million has been contributed. Woodfine Management Corp., a subsidiary of the promoter, has established an office in New York, NY, for purposes related to the business, including financing.
Woodfine Capital Projects Inc., the promoter of the Partnership, participates on an equal basis with investors through a holding of 10% of the same category of units as are held by investors. No fees calculated by reference to the value of the Partnership's assets (NAV fees) are charged.
Reimbursement of the promoter's offering costs is limited to 1% of the gross proceeds from the offering of units.
The Partnership is a reporting issuer in all Canadian jurisdictions, except the Province of Québec. Units are freely tradeable in those jurisdictions after the expiry of an initial 4 month hold period.
The Partnership's modelling shows that during the first development and construction phase of approximately four years, the Partnership will not generate distributable income. Following the investment of the capital subscribed by limited partners to create the initial WOODFINE BUILDINGS, management expects that income will commence. The Partnership will utilize its assets and cash flow to borrow capital for the development and construction of additional WOODFINE BUILDINGS through the issue of debentures secured by a first charge on its assets, subject to prescribed limits. Limited partners have the first right to subscribe for first secured debentures. The Partnership will not make use of traditional bank financing.
United States and other securities laws
The Units have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy. There will be no sale of Units in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable securities laws and regulations.