CALGARY, July 9 /CNW/ - Parkbridge Lifestyle Communities Inc.
("Parkbridge" or the "Corporation"), (TSX: PRK) announced today they have
completed the acquisition of five properties for an aggregate purchase price
of $31.5 million. These acquisitions consist of four operating properties
(1,028 operational sites, 40 developed sites and 294 expansion sites) with a
purchase price of $30.2 million, and one parcel of expansion land acquired for
$1.3 million.
More details pertaining to these properties are provided below:
Meneset On The Lake, Goderich, Ontario:
This 265 site land lease community is one of the finest adult lifestyle
communities in southwestern Ontario. Located on the shores of Lake Huron, the
community sports a recreation centre and over 1,100 meters of shoreline.
Meneset further entrenches Parkbridge as a leader in the adult lifestyle
sector. The property comes with 225 operational sites, 40 developed sites,
zoned lands for a 36 site expansion and 84 acres of unzoned land.
Silver Pointe Village, Grande Prairie, Alberta:
Silver Pointe is a new, fully leased 154 site family oriented community
located in Grande Prairie, Alberta. One of Alberta's newest and finest land
lease communities, Silver Pointe is well designed and attractively developed
in a strong growth market. The property comes with expansion lands with
capacity for 200 expansion sites.
Skyline Resort, Peterborough, Ontario:
Skyline Resort, located on the shores of Chemong Lake, is one of the
premier RV Resorts in Ontario. Its 341 sites are complemented by a 176 slip
deep water marina, an Olympic size swimming pool, and a 7,000 sq ft recreation
centre. Skyline further adds to Parkbridge's dominant position in the Kawartha
Lakes district, where we now own nine waterfront resorts with 2,909 sites with
capacity to add 540 expansion sites, all within 90 minutes of Toronto.
Dunes Oakridge Resort, Grand Bend, Ontario:
This 308 site RV Resort is located on 83 acres of rolling, wooded lands
just minutes from the popular resort town of Grand Bend. 48 of the sites are
fully serviced for year round use. The property borders our Northville Estates
community to the East. Between the two properties we now have 133 acres of
land with expansion potential for a further 152 sites.
Riverview Estates - expansion land:
A 9 acre parcel of development land has been acquired adjacent to the
Corporation's Riverview community. Riverview is an 84 site adult lifestyle
community nestled in the bustling town of Exeter, Ontario. Approval for
development of an 80 site expansion is expected early in 2009.
The operating properties are expected to generate a going in return of 7%
in the first year (or 8.1% excluding the value attributed to developed sites
and expansion lands). Three of the operating properties (803 sites), as well
as the expansion land were reported as being under binding purchase and sale
agreements in Parkbridge's March 31, 2008 quarterly report. Funding for these
acquisitions was provided from internal cash resources, borrowings under
existing acquisition and operating credit facilities, and by $10.9 million of
vendor take back mortgages having an average term to maturity of 3.9 years and
an average interest rate of 4.0%. As of the date hereof, $23.8 million has
been drawn under the Corporation's operating and acquisition facilities
totaling $75 million.
"The acquisition of these top quality properties further increases our
presence in core markets in Southern Ontario and in Alberta," commented David
Rozycki, President, Eastern Operations and Co-CEO.
Parkbridge Profile
Parkbridge is one of Canada's leading owners, operators and developers of
land lease residential communities and seasonal recreational resorts. The
portfolio is concentrated in the provinces of British Columbia, Alberta,
Ontario and Quebec.
Parkbridge now owns 73 properties containing 16,270 sites with a capacity
to add a further 4,717 sites through expansion of current property holdings.
Parkbridge is listed on the Toronto Stock Exchange and its head office is
in Calgary, Alberta.
The TSX has not in any way passed upon the merits of these transactions,
has not approved or disapproved the contents of this news release, nor
does it accept any responsibility for the adequacy of this release.
This news release contains forward-looking statements concerning the
Corporation's business and operations. The Corporation cautions that, by their
nature, forward-looking statements involve risk and uncertainty and the
Corporation's results could differ materially from those expressed or implied
in such statements. Reference should be made to the most recent Management's
Discussion and Analysis in the interim report for the period ended March 31,
2008, the Annual Information Form dated December 5, 2007 and the Management's
Discussion and Analysis and audited consolidated financial statements for the
year ended September 30, 2007. All reports may be viewed at www.sedar.com.
