Woodfine Suburban Office Limited Partnership

July 17, 2015 18:52 ET

Woodfine Suburban Office Limited Partnership Announces Conditional Agreement to Purchase Land in Sherwood Park, Alberta, Adjacent to Edmonton

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

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES

Woodfine Suburban Office Limited Partnership announces that it has, through a wholly owned subsidiary, signed a conditional purchase agreement, and paid a deposit, on a commercial building site in Sherwood Park, Alberta. The agreement is subject to usual conditions, including approval by the board of the general partner pending confirmation that the property meets the partnership's "qualified investment" criteria, as outlined below. The property is intended as the initial location for WOODFINE SUBURBAN OFFICE.

Sherwood Park, Alberta

Sherwood Park is a community immediately east of the city limits of Edmonton, Alberta. Its location has been pivotal in its development as a major resource, retail, and housing centre. It is the fifth-largest municipality in Alberta and has the third-highest average household income in Canada.1

Sherwood Park has access to transportation infrastructure that includes an international airport and two national rail lines. As part of the Greater Edmonton energy and petrochemical hub, it is positioned for strong continued residential and commercial development.

Its major employers include retail trade, the service sector, manufacturing, and construction. It is also seeing strong growth in the professional, scientific, and technical sector.

The property is located beside a major interchange that provides access between Sherwood Park and Edmonton via the Yellowhead Highway.

Major retailers located adjacent to the property include Costco, a Ford dealership, a Chevrolet dealership, Best Western Plus, Strathcona County Millennium Place, a Toyota dealership, a Honda dealership, a Kia dealership, Save-On-Foods, Home Depot, Real Canadian Superstore, a Buick GMC dealership, World Health, and RONA.

Sherwood Park Market Statistics
Population (2011) 2 64,733
Population growth (2011-15) 2 3.6%
Average household income (2010) 3 $109,801
Population of primary and secondary trade area 2 92,490
Population of market area 1 1.2 million+

1 www.strathcona.ca/departments/economic-development-and-tourism/business-development/.

2 Strathcona County Facts and Stats 2015, http://www.strathcona.ca/files/files/at-comc-factsandstats2015.pdf.

3 Statistics Canada, 2011.

To view an aerial photo of the proposed Sherwood Park property, please visit the following link: http://media3.marketwire.com/docs/wood0716.jpg

About Woodfine Suburban Office Limited Partnership

Woodfine Suburban Office 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 SUBURBAN OFFICES.

Each WOODFINE SUBURBAN OFFICE will be a six- to fifteen-storey building newly constructed by the partnership on a qualified investment owned by the partnership, providing between 100,000 and 300,000 square feet of leasable area designed to meet the needs of professional providers in fields such as health care, accounting, law, engineering, and municipal administration. A WOODFINE SUBURBAN OFFICE 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 plans to become a reporting issuer under securities legislation in Canada through the issue of a prospectus. 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 SUBURBAN OFFICES 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 Suburban Office Inc.
    Peter M. Woodfine
    Chief Executive Officer
    +1 (604) 375-1196
    info@woodfine.co