Thursday, September 11, 2008
Greetings fellow League Member-Partners,
I am pleased to inform you that three more properties have been acquired by the IGW REIT: the Giant Tiger & McDonald's in Brandon, Man., the Dodson Plaza in Drayton Valley, Alta., and the Empire Building in Hamilton, Ont. These properties will further bolster the IGW REIT pool and your investments in it.
Summary information about these three properties -- the Giant Tiger store and McDonald's restaurant in Brandon are combined in one property -- has been added to that of all the other properties currently in the second half of the REIT's newly formatted Investment Overview. This new format means anyone can find acquisition summaries of all of the REIT's current assets at a single glance. Including these three new ones, the IGW REIT pool contains properties purchased through 21 separate acquisitions totaling nearly $300 million.
As always, we continue to keep our eye out for new acquisition opportunities on your behalf -- several are currently making their way through our due diligence program. I will, of course, announce new acquisitions as they are made.
I am also pleased to report that our initiative to sell off some of the smaller, more management-intensive properties in the REIT is starting to pay off. One of the properties in the Durham portfolio --45 Bloor Street in Toronto -- was sold at 15% above League's purchase price. Three other properties are listed currently; when they sell, I will let you know the details right away.
Concerning property re-development updates, I have two new photo links to share with you. The first (below) has pictures of the Dollarama construction in progress at the Settler Mall in Alberta. The second link shows pictures of the new Duralast roof just installed over The Brick - one of the centre's main tenants.
I have more exciting updates and announcements planned, so many in fact, that I hardly know which to do next, so keep your eye on your inbox.
Warm regards,
Emanuel.
Emanuel F. Arruda
Chairman & Co-Founder
League Assets Corp.
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We are what we repeatedly do. Excellence then, is not an act but a habit.
- Aristotle -
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