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Shell Summary for Nov. 15, 2019

2019-11-15 20:46 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.43 points to 528.58 Friday, but it ended the week down 8.39 points. Gordon Wiebe's first capital pool shell, Sun Residential Real Estate Investment Trust (SRES: halted), has announced a potential qualifying transaction: It plans to acquire a 51-per-cent interest in Westdale Evergreen Southwood LLC for $11-million (U.S.) cash. The shell had $4.75-million in the bank at the end of September. It plans to raise between $11.8-million and $15.8-million by private placement at 11.5 cents.

Two weeks ago, Westdale Evergreen bought a multifamily residential property in Tallahassee, Fla., for $53.6-million (U.S.). This is the property that the shell is after. The property was built last year. It comprises 12 buildings, each with three or four storeys. There are 288 units in total, with the average apartment size being 968 square feet. The average rent is $1,209 (U.S.) a month. The entire apartment complex is 98.3 per cent occupied. It is near a golf course and a 127-acre park.

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