Counsel Corporation

Counsel Corporation

October 03, 2005 08:00 ET

Counsel Corporation Completes Sale of Retail Shopping Centres

TORONTO, ONTARIO--(CCNMatthews - Oct. 3, 2005) - Counsel Corporation (TSX:CXS) announced today that it has completed its previously announced sale of nine retail shopping centres (the "Centres"), which were owned and/or managed by the Company, to Huntingdon Real Estate Investment Trust (TSX VENTURE:HNT.UN), for an aggregate purchase price of Cdn $133 Million, subject to the usual closing adjustments as well as holdbacks with respect to the completion of remerchandising plans for several of the Centres.

The aggregate purchase price for seven of the Centres, in which Counsel held an ownership interest, was Cdn $90.5 million dollars, with mortgage debt of approximately Cdn $38.7 million and remerchandising holdbacks of Cdn $13 million.

Seven of the nine Centres, which are all located in Ontario and have an aggregate net rentable area of approximately 1.0 million square feet, will continue to be managed by Counsel's real estate operations team.

"Counsel has a long legacy of success in the real estate sector. We expect to continue to create and realize value as we pursue real estate opportunities in Canada," said Allan Silber, Chairman and CEO of Counsel Corporation.

About Counsel Corporation

Counsel Corporation is a diversified company with operations in three specific sectors: communications, real estate and long-term care. Counsel's communications platform is focused on its existing communications investment, C2 Global Technologies Inc. (OTCBB:COBT). Counsel's real estate platform has a focused strategy of investing in and developing income producing commercial properties, primarily retail shopping centres. Counsel's long-term care business consists of the operations of seven nursing homes in Ontario. For further information, please visit Counsel's website at


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 they currently operate, but because of the factors herein listed, as well as other factors beyond their 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.

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