EDMONTON, Sept. 6, 2019 /CNW/ – Imperial Equities Inc. (“Imperial”) today has announced it has completed the sale of its Ashworth Building, located at 18037 – 105 Avenue, Edmonton, Alberta.
Imperial transformed this land banked property in west Edmonton with the addition of a new revenue generating building. Newer than the neighbouring buildings, this development became the jewel on the block and was immediately leased to a fledgling Alberta based corporation.
Seven years later, however, Sine Chadi, Chief Executive Officer of Imperial, is confident that the timing was optimal for its sale. “With every investment property, there comes a time when we believe that we have maximized its potential and that its disposition would benefit Imperial. Further, Imperial is focused on expanding its portfolio with large industrial properties and the Ashworth Building, being the smallest asset in the portfolio, was not the right fit at this time. I am confident that the decision to sell the Ashworth Building 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 commercial and industrial 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.
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