TORONTO, ONTARIO -- (Marketwire) -- 02/27/13 -- NorRock Realty Finance Corporation ("NorRock") (TSX VENTURE: RF.H), a company listed on the NEX board of the TSX Venture Exchange (the "Exchange"), is pleased to announce that it has entered into two letters of intent for the acquisition of certain real estate and securities assets.
Letter of Intent with IGW Industrial GP Inc.
NorRock has entered into a letter of intent with IGW Industrial GP Inc. ("IGW Industrial") to acquire a commercial property (the "LaSalle Acquisition") known municipally as 695, 795 and 999 - 90th Avenue, Montreal (Borough of LaSalle), Quebec, and legally described as Lot number ONE MILLION FOUR HUNDRED AND FIFTY THOUSAND AND NINETY ONE (1 450 091) of the cadastre of Quebec, Registration division of Montreal (the "LaSalle Property").
About IGW Industrial and the LaSalle Property
IGW Industrial is a federally incorporated corporation. It is the general partner of IGW Industrial Limited Partnership, a limited partnership established in the province of British Columbia.
The LaSalle Property is a 100% freehold interest property with three multi-tenant buildings in the LaSalle industrial submarket. Comprised of a mix of industrial and office-flex space, the LaSalle Property totals 476,296 SF (square feet) of leasable space on 1,263,248 SF of land.
Tenants of the LaSalle Property are comprised of a mix of international corporations, corporate head offices for national enterprises as well as smaller privately owned companies based in Montreal. Tenants have located themselves in the LaSalle area due to its strategic location, business friendly municipal regulations and talented labour pool. Many tenants of the LaSalle Property have invested in current infrastructure and are expected to renew their respective leases.
Among the advantages that have already attracted over 1,500 businesses to the LaSalle area are its proximity to both downtown Montreal and the borough's main access roads, its public transit system, a dynamic business and association community, as well as the presence of bilingual, qualified workers. For workers, the LaSalle area offers advantages, including the considerable number of professional services, stores and other commercial establishments that are located a few streets away from their workplace, as well as easy access to and from Highway 20, Mercier Bridge, Angrignon metro station and bicycle paths.
Letter of Intent with IGW Segregated Debt 1 Limited Partnership and IGW Segregated Debt 2 Limited Partnership
NorRock has entered into a second letter of intent with IGW Segregated Debt 1 Limited Partnership ("IGW Seg Debt 1") and IGW Segregated Debt 2 Limited Partnership ("IGW Seg Debt 2") to acquire indirectly a portfolio of securities (the "Securities Portfolio") (the "Portfolio Acquisition").
About IGW Seg Debt 1 and IGW Seg Debt 2 and the Securities Portfolio
IGW Seg Debt 1 and IGW Seg Debt 2 are each limited partnerships established in the province of British Columbia, as are their respective general partners, IGW Segregated Debt 1 GP Inc. and IGW Segregated Debt 2 GP Inc.
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