Woodfine Professional Centres Limited Partnership

Woodfine Professional Centres Limited Partnership

May 30, 2016 18:51 ET

Woodfine Professional Centres Limited Partnership Announces Loan to Woodfine Properties Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2016) -

Not for dissemination or distribution in the United States.

WOODFINE PROFESSIONAL CENTRES LIMITED PARTNERSHIP ("Partnership") announces that it has made a loan of $325,000 to Woodfine Properties Inc., a corporation controlled by Peter Woodfine, a director and indirect shareholder of Woodfine Capital Projects Inc., the promoter of the partnership. The loan is made as an advance on Offering Costs with respect to future subscriptions for the sale of Units.

The following terms shall be applicable to the Loan:

  1. Repayment: Interest only for the first two years of the Loan, thereafter one-third of the principal amount of the Loan shall be repaid at the end of the third, fourth and fifth years.

  2. Interest: For the first two years, a floating rate equal to 3 percentage points per year more than the rate announced from time to time by the Bank of Canada as its prime lending rate. For the last three years, a fixed rate equal to the rate in effect on the last day of the first two years. Interest is payable on the last day of each quarter starting with the last day of the third complete calendar month following the month in which the Loan is first advanced.

  3. Security: The General Partner shall apply one half of the amount payable by the Partnership on a closing of the sale of Units to its promoter, Woodfine Capital Projects Inc., in respect of the offering costs of Units sold at that closing in reduction of the Loan until the Loan and Interest are repaid in full.

ABOUT WOODFINE PROFESSIONAL CENTRES LIMITED PARTNERSHIP

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

Each WOODFINE PROFESSIONAL CENTRE will be a 3 to 5 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 3 designated, full size, surface parking stalls per 1,000 square feet of leasable area.

A Qualified Investment must be located within a one kilometer 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 freestanding 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 value of the Partnership's properties (NAV fees).

United States and other securities laws

The 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.

Contact Information

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

    Woodfine Professional Centres Inc.
    Oceanic Plaza, 23 Floor
    1066 West Hastings Street
    Vancouver, BC V6E 3X2
    info@woodfine.co
    www.woodfine.co