While the wording of the news release from Woodfine Professional Centres Limited Partnership has the characteristics of text drafted in close consultation with securities lawyers, the interest in the construction industry will be the end-result after the organization raises its funds — upwards of $50 million in capital to build five “professional centres” in or adjacent to Alberta big box shopping centres.
“Woodfine Professional Centres Limited Partnership (“Partnrship”) announces that, following authorization from the board of it General Partner to acquire Qualified investments, the Partnership has submitted written offers to purchase, and has received favourable responses from the owners of potential five building sites in secondary markets in Alberta. The criteria that define a Qualified Investment are referred to below,” the highly legalistic news release says.
“These responses confirm the General Partner’s view that land in Alberta suitable for the construction of WOODFINE PROFESSIONAL CENTRES is available for purchase at prices that are within the range expected by the General Partner.
“The General Partner is assessing the responses to its offers, and plans to continue negotiations with owners leading to signature of written purchase agreements, as determined by the General Partner. Purchase agreements will be conditional on the Partnership’s success in raising the capital it requires to close the purchase of land and meet its ongoing obligations.
“The Partnership previously announced the closing of the issue of $1,000,000 of limited partnership units on December 31, 2014, and the marketing of a subsequent private placement whereby it plans to raise up to $7,000,000 from the sale of limited partnership units at $100 per unit to accredited investors in Canada (except in the province of Québec). The closing date for this offering has been extended from March 31 to June 30, 2015. The Partnership may make additional offerings of units in order to fulfil its business plan, and raise a maximum of $50,000,000 by means of the sale of limited partnerships. `
“Each WOODFINE PROFESSIONAL CENTRE will be a three to five storey building newly constructed by the Partnership on a Qualified Investment owned by the Partnership, providing between 50,000 and 90,000 ssq. ft. of leasable area designed to meet the space requirements of professional service providers in such fields as health care, accounting, law, engineering, and other specialties. A WOODFINE PROFESSIONAL CENTRE will be certified to LEED Core and Shell standards, with a minimum of 3 designated, full size, surface parking stalls per 1,000 square feet of leasable area,” the news release says.
“A Qualified Investment must be located within a one kilometer radius of an existing Power Centre in one of Canada’s secondary real estate markets, and include space for the parking stalls mentioned above. A Power Centre is a large aggregation of retail stores in Canada surrounded and anchored by one or more freestanding large box-store commercial retail tenants of good reputation, at least one of which has at that location a premises in excess of 60,000 sq. ft.”
There’s other legal language in this news release, which you can access at this link.