EDMONTON, ALBERTA – Imperial Equities Inc. (TSX-V:IEI) today announced it has completed negotiations to develop its first build to suit industrial property in Fort McMurray, Alberta. The Company purchased a 5.4 acre property in the new TiagaNova Eco-Industrial Park and is designing a new large single tenant building. Construction of the $13,000,000.00 project will begin in May 2010.
The tenant, RSC Equipment Rental (“RSC”) is a leading provider of equipment rental services for the construction, industrial/petrochemical, manufacturing and governmental sectors in the United States and Canada. RSC trades on the New York Stock Exchange under the symbol RRR.
“Fort McMurray and the oilsands are a vital part of the Canadian economy. RSC recognizes the importance of the development of Alberta’s oilsands and we are particularly pleased to have been chosen to facilitate RSC’s vision. A new 15 year lease has been signed and occupancy is expected by November 2010” said Sine Chadi, President and CEO of Imperial Equities. “This is the largest build to suit project in our Company’s history and it clearly demonstrates Imperial’s confidence in the oilsands as a major economic driver in Alberta and Canada”.