November 23, 2006 16:37 ET

Ogilvy Limited Partnership and Edgecombe I Capital Corp File Preliminary Prospectus

TORONTO, ONTARIO--(CCNMatthews - Nov. 23, 2006) - Ogilvy Limited Partnership and Edgecombe I Capital Corp. (collectively, the "Issuers") are pleased to announce today that they have filed a preliminary prospectus with the securities regulatory authorities in each of the provinces of Canada in connection with an initial public offering of limited partnership units and Series A debentures (being offered together as "Units"). The proceeds of the sale of Units will be part of a larger proposed asset purchase transaction, whereby the Ogilvy Limited Partnership will acquire the immovable property and other assets relating to the Ogilvy Property and shares of Jas A. Ogilvy Inc. from Pyxis Real Estate Equities Inc.

Edgecombe I GP Inc. is the general partner of the Limited Partnership and in that capacity will be responsible for the business and affairs of the Limited Partnership. The management and staff engaged in the operations of the Ogilvy Property and of Jas A. Ogilvy Inc. will remain essentially unchanged thus ensuring a seamless continuation of operations.

"The Ogilvy Property is a premier shopping destination in the heart of Montreal and we are very pleased to initiate this transaction in a way that will preserve the many hallmarks of the Ogilvy name including superb service, leading edge designer fashion and boutique offerings of unique, world-class accessories," said David Jubb, President and Director of the General Partner.

Dundee Securities Corporation will act as lead agent in connection with the proposed offering. The syndicate also includes CIBC World Markets Inc., National Bank Financial Inc. and Desjardins Securities Inc. The Issuers will offer each unit at $1,340 per unit, which consists of an 8% secured debenture of $1,000 in par value, and a $340 limited partnership unit.

About Ogilvy and Edgecombe

Founded in 1866, Ogilvy offers Montreal and the world a unique shopping experience. Located in Montreal, Quebec, Canada, it houses numerous boutiques, hosting the world's great fashion designers and featuring an array of lifestyle and beauty brands. Tradition and contemporary rhythms blend in this magic location: "There's only one Ogilvy!"

Edgecombe is a quality real estate firm with over 35 years experience of managing real estate across Canada. As asset and property managers, its mission is to maximize owner value through prudent management of real estate assets, creating and enhancing value through attentive and superior service. The primary asset within the real estate holdings managed by Edgecombe is its tenants - the lifeblood of the properties - recognized as the most important element of the owners' assets. The 200 plus employees of the various Edgecombe companies understand that the source of value of the real estate lies in the quality and the management of tenants' relationship with the landlord.

Additional information is available on the companies' websites at www.ogilvycanada.com and at www.edgecombe.ca.

Certain statements contained in this news release constitute forward-looking statements with respect to the Issuers, including their respective business operations and strategy, and financial performance and condition. These statements generally can be identified by the use of forward-looking words such as "may", "will", "should", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "budget" or "forecasts" or the negative thereof, or similar variations. Although management believes that the expectations reflected in such forward-looking statements are reasonable and represent the relevant Issuer's internal projections, expectations and belief at this time, such statements involve known and unknown risks and uncertainties which may cause a particular Issuer's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from a particular Issuer's expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws.

Contact Information

  • IR Contact:
    Sun International Communications
    Nicole Blanchard
    Managing Partner