HALIFAX, NS, April 22, 2021 /CNW/ - Clarke Inc. ("Clarke" or
the "Company") (TSX: CKI) (TSX: CKI.DB) today announced that it has
entered into a joint venture with two other co-investors to acquire
a one-third interest in a real estate development project in
downtown Montreal that is
currently under construction. The building is located at 1111
Atwater Avenue, the former site of the Montreal Children's
Hospital. The project involves a 38-storey building including
seniors' housing and luxury condominiums, with extensive amenities
for residents.
Clarke is investing in the project through Holloway Lodging
Corporation ("Holloway"), a wholly-owned subsidiary of the Company.
Clarke acquired the interest of one of the former co-investors, and
became a co-investor with the two remaining parties, Claridge MCH
Limited Partnership ("Claridge"), and EMD-Batimo Inc. ("Batimo").
An affiliate of Batimo is also the Development Manager and the
General Contractor for the project. The deal closed
April 21, 2021, and the terms
included cash consideration of approximately $21 million and the assumption of the Company's
proportionate share of the construction financing of approximately
$16 million. The cash
consideration was funded with cash on hand. In connection with the
transaction, Holloway entered into a co-owners' agreement that
governs the rights and obligations of Holloway, Claridge and Batimo
with respect to the project.
This building won the Best Residential High-Rise Development
award from the Americas Property Awards Development and was among
the five finalists for the Best International Residential High-Rise
Development. Clarke is looking forward to participating in this
development project with two highly experienced partners in
Claridge and Batimo.
About Clarke
Halifax-based Clarke invests in
a variety of private and publicly-traded businesses and
participates actively where necessary to enhance the performance of
such businesses and increase its return. Clarke's securities trade
on the Toronto Stock Exchange (CKI, CKI.DB); for more information
about Clarke Inc., please visit our website at
www.clarkeinc.com.
Note on Forward-Looking Statements and Risks
This press release may contain or refer to certain
forward-looking statements relating, but not limited to, Clarke's
expectations, intentions, plans and beliefs with respect to Clarke.
Often, but not always, forward- looking statements can be
identified by the use of words such as "plans", "expects", "does
not expect", "is expected", "budget", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or equivalents or variations, including negative variations, of
such words and phrases, or state that certain actions, events or
results, "may", "could", "would", "should", "might" or "will" be
taken, occur or be achieved.
Forward-looking statements rely on certain underlying
assumptions that, if not realized, can result in such
forward-looking statements not being achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause the actual results of Clarke to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements.
Risks and uncertainties include, among others, the Company's
investment strategy, legal and regulatory risks, general market
risk, potential lack of diversification in the Company's
investments, and interest rates and foreign currency fluctuations.
Although Clarke has attempted to identify important factors that
could cause actual actions, events or results or cause actions,
events or results not to be estimated or intended, there can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Other than as required by
applicable Canadian securities laws, Clarke does not update or
revise any such forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events. Accordingly, readers should not
place undue reliance on forward-looking statements.
SOURCE Clarke Inc.
