Vancouver, June 18, 2015 - Adventus Realty Trust, by its trustee, Adventus Realty Services Inc. (the “Trust”) is pleased to announce the acquisition by Adventus Holdings LP of the remaining 38.455% interest in Adventus US Realty #1 LP from 2450 Westfield LLP (“Westfield”). Adventus Holdings LP is an indirect wholly-owned subsidiary of the Trust. The closing of this transaction brings the interest of the Trust and its affiliated entities to 100% of Adventus US Realty #1 LP. Adventus US Realty #1 LP owns title to the Elgin Chase Campus property in suburban Chicago, Illinois. The transaction was completed on an accretive basis to the Trust unitholders.
In conjunction with the acquisition, Westfield has dismissed with prejudice the lawsuit it filed in the Circuit Court of Kane County, Illinois in October, 2014 against Adventus Elgin GP LLC, the General Partner of Adventus US Realty #1 LP.
Rod Johnston, President and CEO of Adventus Realty Services Inc, states: “We are pleased to have concluded this acquisition and the increasing of Adventus’ interest in the Elgin Chase facility to 100%, consistent with our objective of wholly owning all our commercial properties in the Adventus portfolio.”
Adventus Realty Trust is a private Real Estate Investment Trust (REIT) formed in early 2012. Adventus is based in Vancouver, British Columbia, Canada, and is focused on US income producing suburban office commercial real estate, initially in the suburban office market of Chicago, Illinois. To date, Adventus has acquired twelve office buildings with values totaling approximately US $253 million, which gives Adventus a portfolio of commercial real estate of approximately 2.1 million square feet.
More information is available at www.adventusrealty.com.
Cautionary Statements Regarding Forward-Looking Statements
This press release may contain forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “forecast”, “expect”, “intend”, “would”, “could”, “if”, “may” and similar expressions.. The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, changes in interest rates, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf.
Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
For further information:
Adventus Realty Services Inc.
1660, 999 West Hastings Street
Vancouver, BC V6C 2W2
Rodney B. Johnston Michael Iannacone
Chief Executive Officer Chief Financial Officer