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Strategies & Market Trends : Gentra .... Any old R/T employees
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To: little big man who wrote (35)9/19/1997 9:09:00 PM
From: little big man   of 78
 
Stock tuched 3.80 today on big volume and good news.

TORONTO, Sept. 19 /CNW/ - GENTRA INC. today announced that
it has agreed to acquire Bramalea City Centre, one of Canada's
largest regional shopping centres. The Centre consists of 1.1
million square feet of retail space situated on approximately
85 acres. The purchase of the Centre also includes 2 office
buildings with approximately 73,000 square feet of office
space, and a 143 room Holiday Inn Hotel forming part of the
complex. Located in the City of Brampton in the Greater
Toronto Area, the Centre should benefit from the fact that
Brampton is one of the fastest growing municipalities in
Canada.
James Walker, Gentra's President and Chief Executive
Officer stated that "the purchase allows Gentra to own one of
Canada's premiere regional shopping centres at values
substantially below replacement cost. The purchase will return
to Gentra a strong cash flow yield and is accretive to
Gentra's return on common equity."
Gentra had originally invested in the Centre by purchasing
at a discount approximately $65 million of first mortgage
bonds secured by the Centre and bearing interest at a rate of
11.125%. Mr. Walker further stated that "because of our
involvement in this investment through the first mortgage
bonds, we have prepared remerchandising plans which will now
be implemented."
Gentra is a real estate investment company owning a
portfolio of 6.8 million square feet of office and retail
properties (including Bramalea City Centre). The company is a
publicly traded TSE 300 company having a market capitalization
of approximately $1 billion. Gentra is an affiliate of
Brookfield Properties Corporation which owns, directly and
indirectly, 32 million square feet of largely Class A office
properties.
%SEDAR: 00002416EB
/For further information: James B. Walker, President and
Chief Executive Officer, Gentra Inc., (416) 359-8555/
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