EDMONTON, ALBERTA – Imperial Equities Inc. (TSX-V:IEI) today announced the sale of the Mayfield Industrial Plaza and the Can-K building to Artis REIT of Winnipeg, Manitoba for $5,425,000.
The timing was optimal for this sale as capitalization rates in the Edmonton marketplace are the lowest seen in many years. “We are experiencing an exciting economic climate that has come about as a result of low interest rates coupled with major capital slated for investment in the Edmonton market. This combination creates an excellent opportunity for companies with assets to sell,” said Sine Chadi, chief executive officer of Imperial Equities.
“With every investment property, there comes a time when we believe we have maximized its potential and the disposition of the asset would be beneficial to our company. I am confident that this was the right decision,” said Chadi.
The sale will generate a significant amount of cash, which can be directed toward new build-to-suit development opportunities on the company’s banked industrial lands.