This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.49 points to 821.89 Wednesday. Daniel Drimmer's halted capital pool shell, Campar Capital Corp. (CHK), plans to merge with four TSX-V-listed funds managed by Mr. Drimmer's private real estate company, Starlight Investments Ltd. The four funds are Starlight U.S. Multi-Family Core Fund (UMF: $20.30), Starlight U.S. Multi-Family (No. 2) Core Fund (SUD: $21.00), Starlight U.S. Multi-Family (No. 3) Core Fund (SUS: $12.50) and Starlight U.S. Multi-Family (No. 4) Core Fund (SUF: $12.00). The resulting issuer will own 20 properties across the Southern United States and will be called Starlight U.S. Multi-Family (No. 5) Core Fund.

Last month, Campar announced its qualifying transaction plan: It will acquire an 80-per-cent interest in the Boardwalk Med Center apartment complex in San Antonio, Tex. The remaining 20 per cent will be acquired by Mr. Drimmer's newly created Boardwalk Acquisition Partnership. To finance the $35.55-million (U.S.) total purchase price, Campar and Boardwalk Acquisition have arranged a $23.23-million (U.S.) mortgage and a $7-million (U.S.) mezzanine loan. They will pay the rest in cash. They expect to close the acquisition by Sept. 30. (After all transactions are completed, the entire 100-per-cent interest in Boardwalk Med Center will be held by Starlight No. 5.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS