October 21, 2011 (Calgary, Toronto) The Coril Group of Companies (“Coril”) of Calgary and Osmington Inc. (“Osmington”) of Toronto are pleased to announce that they have reached an agreement that will see Coril purchase all of the issued and outstanding shares of the Redcliff Realty Group (“Redcliff”), effective October 21, 2011. This announcement follows a similar transaction on June 17, whereby Coril acquired Tonko Realty Advisors Ltd. (“Tonko”) of Calgary.
Mr. Larry Shelley, Coril’s President and CEO, remarked that the union of the respective assets, services and workforces of Redcliff and Tonko creates a combined organization that immediately becomes a prominent player in the Canadian commercial real estate advisory market. Effective today, Mr. Peter Cohos and Mr. Robert Proud have been named Chief Executive Officer and Chief Operating Officer, respectively, of the new company. In addition, Mr. William Briscoe has been named Chief Investment Officer and Mr. Sam Schembri has been named Chief Financial Officer.
Mr. Schembri noted that the Redcliff employees are excited about becoming part of an organization whose asset base and construction and development roots in Canada date back more than 113 years. Mr. Shelley and Mr. Cohos added that by combining the values, skills and assets of Redcliff, Tonko and Coril, the new company is now Canada’s largest independent commercial realty advisory company and remains deeply committed to continuing the provision of exemplary services to all clients. The combined Redcliff/Tonko portfolio comprises more than 56 million square feet of assets under management, with a combined asset value of approximately $9 billion.
As both Coril and Osmington are private companies, the commercial terms of the transaction remain confidential.
Lawrence Zucker, Osmington’s President and CEO, indicated that the most important factor in choosing Osmington’s ownership successor was to ensure the future success of Redcliff and its employees. He noted that he is extremely confident that, under Coril’s ownership, the future success of Redcliff is now assured.
About Coril group of companies:
Coril is a privately owned group of companies based in Calgary, Alberta. Coril has diverse assets and business interests throughout the Americas in railroad maintenance, mining, real estate ownership and development, corporate and private health & wellness and equity investments.
About Osmington Inc.:
Osmington is a privately owned commercial real estate investment and development company based in Toronto, Ontario.
About Redcliff Realty Group:
Redcliff is a privately owned commercial real estate advisory and management services company, headquartered in Toronto. It has been serving the asset management, property management and leasing needs of its valued institutional and private investor clients for nearly 20 years. Redcliff currently provides its services in relation to a diverse portfolio of Canadian office, industrial and retail assets owned by its clients located principally in Central and Eastern Canada.
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Mr. Larry Shelley