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Shell Summary for April 30, 2021

2021-04-30 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 9.70 points to 955.26 Friday. William Martens Jr.'s shell, Marwest Apartment Real Estate Investment Trust (MAR: halted), has closed its qualifying transaction, which was a Winnipeg residential real estate deal. The shell, which had 1.8 million units issued, acquired two limited partnerships by issuing 11,571,736 units in total.

One of the LPs, Marwest Apartments I LP, owns a property called Kenwood Court. The other, Marwest Apartments VII LP, owns the Brio Brownstones. At least 4,175,414 of the above-mentioned 11,571,736 consideration units went to LP holders who are members of the Martens clan. This family has been in the real estate business since the 1960s.

Kenwood and Brio together comprise 251 apartments, each with one to four bedrooms. In 2020, Kenwood earned $666,600 on revenue of $1.81-million, and it ended the year with a working capital deficit of $131,900. Brio earned $634,100 on revenue of $2.65-million in 2020 and ended the year with working capital of $74,600. In connection with the QT, the shell has closed a $1-million private placement at $1. The resulting issuer will use the proceeds to seek additional acquisition targets.

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