Business News • MarketWire • Wilmington Announces Proposed Acquisition of Interest in Self-Storage Facilities in Southwestern Ontario and Concurrent Offering of Class A Shares |
Wilmington Announces Proposed Acquisition of Interest in Self-Storage Facilities in Southwestern Ontario and Concurrent Offering of Class A Shares |
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Wilmington Announces Proposed Acquisition of Interest in Self-Storage Facilities in Southwestern Ontario and Concurrent Offering of Class A Shares
TORONTO, ONTARIO--(Marketwire - July 9, 2010) - Wilmington Capital Management Inc. ("Wilmington") (TSX:WCM)(TSX:WCM.A)(TSX:WCM.B) announced today that a direct wholly-owned subsidiary of Wilmington has entered into an agreement pursuant to which Wilmington will acquire (the "Acquisition") a 45.45% indirect interest in a portfolio of 12 self-storage facilities in Southwestern Ontario (the "Property Portfolio"). The aggregate cost of the Property Portfolio, including closing costs, will amount to approximately $20,700,000 and is expected to be funded with proceeds from a Term Facility and equity of approximately $8,000,000. An additional $3,000,000 of equity will be raised for working capital to fund short term requirements and other investment opportunities. Wilmington's share of the cash consideration to complete this initiative is $5,000,000. An ad
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