Woodfine Professional Centres Limited Partnership

July 17, 2015 18:50 ET

Woodfine Professional Centres Limited Partnership Announces Conditional Agreements to Purchase Lands in Airdrie and Okotoks, Alberta, Adjacent to Calgary

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 17, 2015) -

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES.

Woodfine Professional Centres Limited Partnership announces that it has, through wholly owned subsidiaries, signed conditional purchase agreements, and paid deposits, on commercial building sites in Airdrie and Okotoks, Alberta. The agreements are subject to usual conditions, including approval by the board of the general partner pending confirmation that the properties meet the partnership's "qualified investment" criteria, as outlined below. The properties are intended as the initial locations of WOODFINE PROFESSIONAL CENTRES.

To view WOODFINE PROFESSIONAL CENTRES - Typical exterior rendering, please visit the following link: www.marketwire.com/library/20150716-wpc0716photo1px800.jpg.

Airdrie, Alberta

Located six kilometres north of the Calgary city limits on Alberta's busiest artery, the Queen Elizabeth II Highway, the city of Airdrie is one of the fastest-growing communities in Canada. With construction as its most active industry sector, Airdrie is also experiencing a rise in its retail trade and professional, scientific, and technical sectors. Average household income in Airdrie is higher than the Alberta average. The city offers a large and diverse trading area that includes rural populations and metropolitan Calgary.

The property is located beside a major interchange, which provides access to Airdrie from the QE II Highway.

Major retailers located adjacent to the property include Walmart, Home Depot, Comfort Inns & Suites, Co-op, TD Canada Trust, Visions Electronics, Scotiabank, CIBC, London Drugs, RONA, Tim Hortons, Jiffy Lube, McDonald's Restaurants, Mr. Mikes, Five Guys Burgers and Fries, and Swiss Chalet Rotisserie & Grill.

Airdrie Market Statistics
Population (2014)1 54,891
Population growth (2014)1 10.76%
Average household income (2010)2 $106,616
Population of primary and secondary trade area3 226,464
Population of market area (within 60-kilometre radius)3 1,423,064
1 City of Airdrie Civic Census, 2014.
2 Statistics Canada, 2011.
3 Airdrie Economic Development, 2013.

To view an aerial photo of the proposed Airdrie property, please visit the following link: www.marketwire.com/library/20150716-wpc0716photo2px800.jpg.

Okotoks, Alberta

Located 18 kilometres south of the Calgary city limits, the town of Okotoks is a regional centre of commercial activity and the largest trading area in Southern Alberta between Lethbridge and Calgary. Industry sectors targeted for development in the town include technology and professional services, tourism, manufacturing, research and development, and transportation and logistics. Average household income in Okotoks is higher than the Calgary and Alberta averages. Okotoks continues to experience strong residential, industrial, and commercial development. Through annexation, it is expected to grow to approximately 80,000 people over the coming decades.

The property is located beside an interchange, which provides access to Okotoks from the Number 7 Highway to Calgary.

Major retailers located adjacent to the Okotoks property include Costco, Sleep Country, Michaels, Home Depot, GoodLife Fitness, McDonald's Restaurants, Sport Chek, Winners, Dollarama, and Best Western Plus Inns & Suites.

Okotoks Market Statistics
Population (2014)4 27,331
Population growth (2014)4 3.8%
Average household income (2010)5 $116,258
Population of trade area6 250,000+
Population of market area5 1,000,000+
4 Okotoks Municipal Census, 2014.
5 Statistics Canada, 2011.
6 www.okotoks.ca.

To view an aerial photo of the proposed Okotoks property, please visit the following link: www.marketwire.com/library/20150716-wpc0716photo3px800.jpg.

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.

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