pcNewsWire – Gunpowder Capital Corp. (CSE: GPC; FSE: YS6N) announced today that its fully owned subsidiary GP Realty Inc. has acquired 1209 Hickory Road, a fully tenanted residential rental property located in Windsor, Ontario, for $135,000.
News Release
Gunpowder Capital Corp., Subsidiary Completes Purchase of Third Real Estate Asset.
FOR IMMEDIATE RELEASE May 25th, 2017
Toronto, Ontario, May 25th, 2017 – Gunpowder Capital Corp., (CSE: GPC), (CSE: GPC.PR.A), (Frankfurt: YS6N), (“Gunpowder” or the “Corporation”) announced today that its fully owned subsidiary GP Realty Inc., has completed the purchase of 1209 Hickory Road, a fully tenanted residential rental property located in Windsor, Ontario.
Total purchase price of the property was One Hundred & Thirty-Five Thousand Dollars (“$135,000.00“) CDN. The purchase closed on May 24th, 2017. The Corporation is working on refinancing the property with several financial institutions. Assuming Gunpowder obtains a 75% LTV mortgage, Gunpowder estimates that the cash on cash return generated will be in excess of 25% per annum.
Mr. Paul Haber stated: “We continue to make significant progress in developing the Corporation’s business model and increasing the Corporation’s total asset base via real estate acquisitions, securing consulting contracts and via investments. We continue to source additional real estate assets in both the residential and commercial spaces throughout Ontario.”
For further information please contact:
Mr. Frank Kordy
Interim CEO & Director
Gunpowder Capital Corp.
T: (647) 466-4037
E: frank.kordy@gunpowdercapitalcorp.com
Mr. Paul Haber
CFO
Gunpowder Capital Corp.
T: (416) 363-3833
E: paul.haber@gunpowdercapitalcorp.com
SOURCE: Gunpowder Capital Corp.
