(Burlington, ON) Tempus Capital Inc. (“Tempus” or the “Company”) is pleased to provide an update of recent corporate activity.
Tempus has refinanced its two mixed residential and commercial properties located in London, Ontario resulting in new first mortgages with five-year terms at relatively low interest rates for both properties. The refinancing transactions generated additional cash resources for the Company.
“The Company’s short-term debt risk has been substantially reduced, the balance sheet is much stronger, and the Company has cash resources to invest in other projects,” said Russell Tanz, CEO.
Tempus has retained consultants to review the opportunity of rezoning its properties in London with a view to redevelopment. The properties could potentially be transformed from two story structures to mid rise buildings resulting in increased density in line with the City of London Planning objectives.
The Company has entered into a letter agreement, to be followed by a joint venture agreement, with the Block Group to develop residential multiplexes. The strategy of the parties to the joint venture is to assemble several multiplexes over a two to three-year period. Each of the projects, which is anticipated to take six to nine months to complete, will be sold opportunistically or retained as income producing properties. The first project will be located in the Beaches community in Toronto
Tempus is a real estate operating company engaged in the acquisition, development and ownership of income producing properties in Canada with a focus on strip shopping centres, storefront retail and mixed residential and commercial properties. Tempus is listed on the Canadian Securities exchange under the trading symbol TEMP.
On behalf of the board of directors
Tempus Capital Inc.
President and CEO
This press release may contain certain forward-looking statements, which reflect Management’s expectations regarding future transactions which constitute forward-looking statements. Whenever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Tempus cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Tempus assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause Tempus’ actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. No regulator nor any Regulation Services accepts responsibility for the adequacy or accuracy of this press release. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.