Counsel Corporation

Counsel Corporation

April 16, 2007 08:30 ET

Counsel Corporation Acquires Yorkgate Mall in Toronto, Ontario

TORONTO, ONTARIO--(CCNMatthews - April 16, 2007) - Counsel Corporation (TSX:CXS) today announced that it has acquired, for its own account and on behalf of a group of investors, Yorkgate Mall, a neighbourhood enclosed mall straddling the north-west corner of Finch Avenue and Jane Street in Toronto, Ontario. Yorkgate Mall, which is situated on a 13.2 acre site, contains approximately 217,000 sq. ft. of net rentable area on two levels and is anchored by a No Frills (Loblaws) food store and a Zellers department store. The current occupancy level is over 98%, with more than 80% of the rentable area occupied by national, regional and institutional tenants. The purchase price was approximately $32.0 million before closing and related costs, which is being financed with a $24.0 million, 10-year term, 30-year amortization, first mortgage at 5.42%.

"Yorkgate Mall, located at a high-traffic intersection, is strategically tenanted to meet the needs of the surrounding community," said Allan Silber, Counsel's Chairman and CEO. "Counsel, which now has over 1.6 million sq. ft. of rentable space under management, will continue to focus on value creation opportunities in real estate."

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 four specific sectors: long-term care, case goods, real estate, and patent licensing. For further information, visit Counsel's website at

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