MISSISSAUGA, ON–(Marketwired – June 14, 2016) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Maplewood International Real Estate Investment Trust (the “REIT”) (TSX VENTURE: MWI.UN) announced today that, further to the press release dated April 5, 2016 describing the conditional purchase offer executed between the REIT and a European private real estate investment fund at arm’s length to the REIT (the “Potential Purchaser”) on the REIT’s investment property in the Netherlands (the “Property”), the REIT has withdrawn from further negotiations with the Potential Purchaser on the binding purchase and sale agreement, as the final terms and conditions proposed by the Potential Purchaser were unacceptable to the REIT with regards to maximizing value and liquidity on the disposition of the Property.
Further to the press release dated September 8, 2015 describing the initiation of the REIT’s value maximization process (the “Process”), the REIT continues to advance on the Process and will advise of further developments with respect to the Process once a binding purchase and sale agreement has been executed in connection with the disposition of the Property, or the REIT otherwise determines that disclosure is necessary or appropriate.
About Maplewood International REIT
The REIT is a Canadian based growth-oriented international real estate investment trust, established to invest in high-quality income producing commercial real estate outside of Canada. The REIT’s geographic focus is on the investment grade countries of Europe, with an initial target market of the Netherlands.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, global and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate and currency rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the Canadian and Dutch economies remain stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate, and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT’s filings with securities regulators, which have been filed on SEDAR and can be viewed at www.sedar.com under the REIT’s profile, or on the REIT’s website at www.maplewoodreit.com.
The TSXV has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined under the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For additional information, please contact:
Kursat Kacira
Chief Executive Officer
Tel: (647) 282-8324
E-mail: kkacira@maplewoodreit.com
Kimberly Tam
Chief Financial Officer
Tel: (647) 283-2705
E-mail: ktam@maplewoodreit.com