Homburg Invest Inc. ("HII") is pleased to announce that today it completed the sale of the Vintage Towers located at 11th Avenue in Calgary to Credit Suisse Real Estate International Fund for gross proceeds of $62.1 million. From the proceeds, the Company will realize a net profit after considering all closing costs of approximately $14 million calculated under Canadian Generally Accepted Accounting Principles.
The development of the Vintage Towers was another successful construction project of Homburg Centron Teamworks. The development team was able to fill both Towers with quality tenants including Slumberge, Royal and Sun Alliance, Newalta Corporation, UBS Energy Canada, PPI Financial Group and the Vintage Chop House Restaurant. The development of this class A project has resulted in first class tenants being attracted to the buildings located on the Calgary beltline. The quality of the construction and the tenants has allowed Homburg Invest Inc. to achieve the optimum value on the property.