Jul. 27, 2011 (Canada NewsWire Group) --
CALGARY, July 27, 2011 /CNW/ - Northern Property REIT and NorSerCo Inc. (TSX: NPR.UN) (together, "NPR") has announced the selection of Brookfield Financial as their advisor in connection with a strategic review of NPR's master leased seniors' facilities in western Canada.
The strategic review will consider a broad range of alternatives for these facilities to create value for Northern Property, NorSerCo and stapled unitholders. There can be no assurance as to the conclusions that will be reached through this strategic review process or whether the strategic review will result in any change in the ownership or status of these facilities.
NPR is directly negotiating the potential sale of some of its Newfoundland seniors' facilities with tenants. The advisor is not involved in the process at the present time but provision has been made to do so at the REIT's option.
Northern Property currently owns 6 seniors' facilities in western Canada and 10 smaller facilities in the Province of Newfoundland and Labrador.
B. James Britton, President & CEO, at (403) 531-0720
