TORONTO, ONTARIO -- (Marketwired) -- 06/13/13 -- NorRock Realty Finance Corporation ("NorRock") (TSX VENTURE: RF.H), a company listed on the NEX board of the TSX Venture Exchange (the "Exchange"), is announcing an amendment to its proposed reactivation transaction that was previously disclosed via press release on February 27, 2013.
NorRock will continue with its proposed acquisition of the 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").
NorRock has entered into definitive agreement with IGW Industrial Limited Partnership ("IGW Industrial") to acquire the LaSalle Property further to the previously executed letter of intent.
About IGW Industrial and the LaSalle Property
IGW Industrial is 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.
NorRock, at this time, is no longer proceeding with the letter of intent previously entered into 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").
NorRock has entered into a letter of intent with Highview Financial Holdings Inc. ("Highview") to become Highview's strategic capital partner and will subscribe for such number of treasury shares, such that NorRock shall own, on a fully diluted basis, 70% of the issued and outstanding shares of Highview (the "Highview Shares") upon the closing of the transaction (the "Highview Acquisition").
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