The North Front Limited Partnership

August 07, 2014 15:43 ET

The North Front Limited Partnership Enters Into Agreement of Purchase and Sale for Retirement Residence Project

TORONTO, ONTARIO--(Marketwired - Aug. 7, 2014) - 779395 Ontario Limited (the "General Partner"), the general partner of The North Front Limited Partnership (the "Partnership") today announced it has entered into a binding agreement with Diversicare Canada Management Services Co., Inc. ("Diversicare") to sell the retirement residence project (the "Project") owned by the Partnership to Diversicare or an affiliate thereof. Subject to the satisfaction of customary terms and conditions, the transaction will close on or about September 19, 2014.

Following completion of the sale of the Project, the General Partner will pay any outstanding liaiblities of the Partnership out of the proceeds of sale and establish any reserves as the General Partner considers necessary for contingent liabilities. The General Partner will then distribute the remaining balance of the Partnership's assets in cash to the limited partners of record on the date of dissolution proportionate to the number of units of the Partnership held by them, in accordance with the sharing ratio set forth in the Limited Partnership Agreement.

Contact Information

  • 779395 Ontario Limited
    Douglas E. Amy
    Director
    (204) 954-5069