Counsel Corporation
TSX : CXS

Counsel Corporation

April 03, 2006 08:30 ET

Counsel Corporation Acquires Lancaster Mall in Saint John, NB

TORONTO, ONTARIO--(CCNMatthews - April 3, 2006) - Counsel Corporation (TSX:CXS) today announced that it had acquired, for its own account and on behalf of a group of investors, the Lancaster Mall in Saint John, New Brunswick. Lancaster Mall is an enclosed shopping centre with approximately 199,000 sq. ft. of net rentable area, including three freestanding pads. The area of the site is approximately 23 acres. The centre is 94% leased and over 80% of its space is leased to national tenants. The purchase price was approximately $12.2 million before closing and related costs.

"We believe that Lancaster Mall is an excellent property in a thriving market, with solid prospects for appreciation in income and value. Counsel will continue to focus on value creation opportunities in real estate," said Allan Silber, Chairman and CEO of Counsel.

About Counsel Corporation

Counsel Corporation (TSX:CXS) is a diversified company focused on the acquisition of businesses in diverse industry sectors and at various stages of their business life cycles. Its goal for acquired businesses is to create value within these businesses and to realize on the value creation at the appropriate time. Counsel currently operates in three specific sectors: long-term care, real estate, and patent licensing. For further information, visit Counsel's website at www.counselcorp.com.

Forward-Looking Statements

The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Counsel Corporation's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond Counsel Corporation's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, obtaining necessary approvals and other risks detailed from time to time in the Company's securities and other regulatory filings.

Contact Information

  • Counsel Corporation
    Stephen Weintraub
    Executive Vice President, Secretary & CFO
    (416) 866-3058