EDMONTON, AB, July 27, 2020 /CNW/ - Imperial
Equities Inc. ("Imperial") today has announced it has completed the
sale of Oliver Crossing, located at 10304 - 111 Street,
in Edmonton, Alberta.
Over the past 20 years, Imperial Equities has focused its growth
on the industrial sector of real estate. Since then, the
Company has grown to become a preferred industrial landlord that
caters to international, national and large regional companies.
Although the focus has been industrial property, Oliver Crossing, a
likely residential redevelopment site, increasingly stood out as an
exception to the Company's growth strategy. For over 20 years,
the 78-year old property, was always fully leased, was
impeccably maintained and increased in value based upon its
optimal location on the edge of the downtown, and growing
McEwan University campus.
"The disposition of one our longest held property is a careful,
strategic decision," says Sine Chadi, Chief Executive Officer of
Imperial. "The property has performed consistently and well for us,
but it's clear it's highest and best use will be achieved
through redevelopment. While we were not actively
marketing the property, we had received several indications of
interest, and as an industrial developer, focused on industrial
growth, it is clear that our intent should be to realize on the
property's value through sale, not redevelopment."
"Based on all of this, I am confident that the decision to sell
Oliver Crossing was the right decision," said Chadi. Cash generated
from the sale will be directed toward new opportunities in
Imperial's target markets.
About Imperial Equities Inc.:
Based in Edmonton, Alberta, Imperial Equities Inc. is a
publicly traded company anchored by industrial, agricultural
and commercial real estate properties in its targeted markets
throughout Western Canada.
Additional information is available
at: www.imperialequities.com. Imperial's common shares are
listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Imperial Equities Inc.