Canadian private equity firm Mosaic Capital Corp has announced that its two subsidiaries First West Properties LP and First West Developments LP have agreed to partner with Harbour Equity Capital Corp on the development of the Parker Industrial Park near Regina, Saskatchewan. As part of the deal, Harbour Equity will commit $6 million for a 50 percent interest in the development project. Based in Toronto, Harbour Equity is a dedicated real estate private equity firm that provides financing to Canadian developers.
Mosaic Capital Corporation Announces First West Properties Signs Partnership Agreement with Harbour Equity Capital Corp.
August 21, 2014
Calgary, Alberta (FSCwire) – Mosaic Capital Corporation (“Mosaic”) (TSX-V Symbols: M, M.PR.A and M.WT) is pleased to announce that its wholly-owned subsidiaries First West Properties L.P. and First West Developments L.P. (“First West”) have signed a partnership agreement with Harbour Equity Capital Corp. (“Harbour Equity”) for the development of the Parker Industrial Park near Regina, Saskatchewan. With the agreement, Harbour Equity will contribute $6 million dollars for a 50% interest in the development project and First West will retain 50%.
The Parker Industrial Development is located on 157.97 acres of raw land in the RM of Sherwood No 159. It is located one mile north of the Regina city limits on a busy Dangerous Goods Route. The intent is to develop the land to a full service industrial park. Currently 24.09 acres of the 139.37 acres for development are under contract.
“I am very excited about the opportunity to develop the Parker Industrial Park”, commented Eric Wesling, President of First West, “Our partnership with Harbour Equity provides us the ability to develop this exciting project on schedule with an experienced real estate partner.”
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is an investment company based in western Canada that owns a portfolio of established businesses that have a history of generating strong sustainable cash flow from their operations. Mosaic’s objective is to create long term value for our shareholders and business partners and to have that reflected in our share price. We believe that this is achieved by growing free cash flow per share and retained earnings. We do this by acquiring businesses that we understand at attractive prices and we manage our risk through extensive due diligence, creative transaction structuring and working closely with our businesses after acquisition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mosaic Capital Corporation
400, 2424 – 4th Street SW
Calgary, AB T2S 2T4
T: (403) 270-4658
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Mosaic Capital Corporation (TSX Venture:M) http://www.mosaiccapitalcorp.com
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