TORONTO, ONTARIO--(Marketwired - Sept. 29, 2016) -
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISTRIBUTION INTO THE UNITED STATES
Gulf & Pacific Equities Corp. (TSX VENTURE:GUF) an established company focused on the acquisition, management and development of anchored shopping centres in Western Canada, is pleased to announce a 20 year land lease renewal with Suncor Energy Products Partnership ("Suncor") at St. Paul Shopping Centre, in St. Paul Alberta.
Effective September 1, 2016, Suncor and the company executed a Lease Surrender and Termination Agreement for the old lease dated June 1, 1989 and executed a new land lease dated September 1, 2016. The term of the lease is twenty years with two extension periods of five years each for a potential lease period of thirty years.
As a result of the new lease, Suncor will make a multi-million dollar investment at the site doubling from 4 fueling positions to 8 with upgrades to the gas bar canopy, signs and other assets. Suncor will also retro-fit the interior of the C-store building to current standards. Construction will start in September 2016.
"We are excited to announce Suncor's multi-million dollar investment in upgrading their site at St. Paul Shopping Centre. With the recent renovations in the St. Paul Shopping Centre, this completes the rejuvenation of the site. The shopping centre is 100% leased with long term agreements with Peavey Mart, Ardene, Dollar Tree, Marks, Giant Tiger Stores, Tim Hortons, and Petro Canada," said Anthony Cohen, President and CEO.
For full details, please visit us at www.gpequities.com.
About Gulf & Pacific Equities Corp.
Gulf & Pacific Equities Corp. was incorporated under the laws of the Province of Alberta on April 8, 1998 and thereafter completed a public offering of common shares by prospectus dated June 26, 1998 (TSX VENTURE:GUF).
The Company acquires, manages and develops anchored shopping malls in rural centres in Western Canada, in particular Alberta. Gulf & Pacific targets smaller, but rapidly growing hub communities that have hospital, high school, police station and retail/service infrastructure. Management has consistently reinvested cash flow to improve and grow its portfolio of income properties.
Gulf & Pacific Equities Corp. currently owns three, well-located retail assets located in Three Hills, St. Paul, and Cold Lake Alberta.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Gulf & Pacific Equities. Forward-looking statements include, but are not limited to, statements with respect to the benefits of the offering and option transaction. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Gulf & Pacific Equities to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: economic conditions in Western Canada, interest rates, raising less than the required capital; not realizing on the anticipated benefits from the transaction or not realizing on such anticipated benefits within the expected time frame; and other risks of the real estate industry. Although management of Gulf & Pacific Equities has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gulf & Pacific Equities does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.