Woodfine Professional Centres Limited Partnership

August 26, 2015 18:14 ET

Stantec Feasibility Assessment of Building Sites Under Contract in Airdire and Okotoks, Alberta

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2015) -

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES.

WOODFINE PROFESSIONAL CENTRES LIMITED PARTNERSHIP announces that it has engaged the office of Stantec Architecture Ltd. in Red Deer, Alberta, to perform a feasibility assessment of the building sites that the partnership has under contract in Airdrie and Okotoks, Alberta.

Stantec will evaluate each site for its development potential, taking into account applicable by-laws and local zoning and development controls. The size of the WOODFINE PROFESSIONAL CENTRES that the partnership proposes to construct will be based on Stantec's assessment of the gross developable area and building footprint at each site. Stantec will take into account the marketing focus for the WOODFINE PROFESSIONAL CENTRES, including such matters as requirements for larger parking spaces and increased perimeter frontage.

The partnership's assessment of the potential net leasable area of each development will be calculated from Stantec's feasibility study. Following completion of the study, the partnership will if appropriate arrange meetings with the municipal development teams for the Cities of Airdrie and Okotoks as part of the partnership's pre-development permit consultation with the aim of engaging support for any re-zoning or by-law relaxations that it may need.

About Woodfine Professional Centres Limited Partnership

Woodfine Professional Centres Limited Partnership was established to provide long-term investors with a means to achieve potential income, potential capital appreciation, and potential long-term liquidity through professionally managed investment in commercial real estate. Investors have an equity participation in all stages of the procurement, development, and management of commercial real estate, from the purchase of land to the management of completed buildings, the WOODFINE PROFESSIONAL CENTRES.

Each WOODFINE PROFESSIONAL CENTRE will be a three- to five-storey building newly constructed by the partnership on a qualified investment owned by the partnership, providing between 50,000 and 90,000 square feet of leasable area designed to meet the space requirements of professional service providers in such fields as health care, accounting, law, engineering, and other specialties. A WOODFINE PROFESSIONAL CENTRE will be certified to LEED Core and Shell standards, with a minimum of three designated full-size surface parking stalls per 1,000 square feet of leasable area.

A qualified investment must be located within a one-kilometre radius of an existing Power Centre in one of Canada's secondary real estate markets, and include space for the parking stalls mentioned above. A Power Centre is a large aggregation of retail stores in Canada surrounded and anchored by one or more free-standing large box-store commercial retail tenants of good reputation, at least one of which has at that location a premises in excess of 60,000 square feet.

The partnership does not charge fees calculated by reference to an increase in the net asset value of the partnership's properties.

The partnership is a reporting issuer under securities legislation in Canada. The securities issued by the partnership are not listed on a stock exchange.

United States and other securities laws

The partnership units have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy. There will be no sale of units in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under applicable securities laws and regulations.

Forward-Looking Statements

This press release contains forward-looking statements, including the partnership's plans concerning the WOODFINE PROFESSIONAL CENTRES and their locations. The forward-looking statements are based on certain expectations and assumptions made by the partnership. Although the partnership believes that those expectations and assumptions are reasonable, undue reliance should not be placed on them because the partnership can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve risks and uncertainties. Actual results can differ materially from those anticipated due to a number of factors and risks. The forward-looking statements made in this press release are made as of the date hereof, and the partnership disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities legislation.

Contact Information

  • Woodfine Professional Centres Inc.
    Peter M. Woodfine
    Chief Executive Officer
    +1 (604) 375-1196
    info@woodfine.co