Capital BLF Inc. Announces the Sale of a 40-Unit Apartment Complex in Dorval

Capital BLF Inc. (BLF) announces the sale, of the properties located at 160 and 180 Dorval Avenue in Dorval, Québec.  The sale price was $3,558,000 and the debt being reimbursed from the sale related to these assets was $1,569,624.  The net proceeds will be used for future acquisitions and general operations of the Corporation.
The book value of these assets was $3,416,757 as of June 30, 2013, making a net gain after closing costs of $18,226.
"We are happy to dispose of these assets as they no longer qualify in our investments criteria set after my arrival as Chief Executive Officer.  We believe that the 5.3% cap rate on the sale is a very good achievement considering it would have required some capital expenditures in the short term as the previous management of BLF had started the conversion into undivided ownership to be sold unit by unit.  We no longer have development properties and are now strictly focusing on multi-residential revenue generating assets" said Mathieu Duguay, President and Chief Executive Officer of BLF.

on July 29, 2013