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Shell Summary for Nov. 23, 2016

2016-11-23 19:18 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 2.54 points to 730.09 Wednesday. Phillip Burns and Thomas Schwartz's halted capital pool shell, European Commercial Real Estate Ltd. (ERE), plans to acquire a commercial property in Dusseldorf for its qualifying transaction. The shell will pay 11 million euros to the property owner, Luxembourg holding company Kilrush SARL.

In August, 2016, European Commercial sold $500,000 worth of seed shares at five cents. Then in September, it sold its $1.77-million initial public offering of shares at 10 cents. It also raised $2.73-million in a concurrent private placement of 10-cent shares to its directors and officers. The shell will use its cash to finance part of the acquisition. To cover the remainder, it will arrange a 7.5-million-euro mortgage with a German bank. It is also selling a $3-million private placement of 30 million shares at 10 cents.

The Dusseldorf property is a six-storey building, completed in 1969 and refurbished in 2001. It comprises 4,402 square metres of office space, 861 square metres of storage space and 20 underground parking spaces. Currently, it is 99.3 per cent occupied, primarily by a medical insurance company and other medical tenants, including a dialysis clinic. Its tenants also include a British visa application centre and a private equity firm.

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