BROSSARD, QC,
July 29, 2013 /CNW Telbec/ - Capital
BLF Inc. (the "Corporation" or "BLF") (TSXV: BLF)
announces the sale, on July 26, 2013,
of the properties located at 160 and 180 Dorval Avenue in
Dorval, Québec. The sale
price was $3,558,000 and the debt
being reimbursed from the sale related to these assets was
$1,569,624. The net proceeds
will be used for future acquisitions and general operations of the
Corporation.
The book value of these assets was $3,416,757 as of June 30,
2013, making a net gain after closing costs of $18,226.
"We are happy to dispose of these assets as they
no longer qualify in our investments criteria set after my arrival
as Chief Executive Officer. We believe that the 5.3% cap rate
on the sale is a very good achievement considering it would have
required some capital expenditures in the short term as the
previous management of BLF had started the conversion into
undivided ownership to be sold unit by unit. We no longer
have development properties and are now strictly focusing on
multi-residential revenue generating assets" said Mathieu Duguay, President and Chief Executive
Officer of BLF.
About BLF
The principal business of the Corporation is
acquiring, holding, developing, maintaining, improving, leasing,
managing or otherwise dealing with income-producing multi-unit
residential properties located throughout Canada, primarily in the province of Québec.
The Corporation currently owns six properties located in Montréal,
Sherbrooke and Québec City
totaling 752 apartment units.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE CAPITAL BLF INC.