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Toronto Assets Change Hands

TORONTO-The entity that owns 501 Alliance Avenue, a 318,703 sf office property near here, agrees to be by acquired Empire Global Corp, a company listed on the Over-the-Counter Bulletin Board, for 6.24 million shares of Empire stock.

By Brian K. Miller | Updated on November 03, 2005

TORONTO-Empire Global Corp., a company traded on the Over-the-Counter Bulletin Board, has agreed to acquire the owner of 501 Alliance Avenue, a 318,703 sf office property here, for 6.24 million shares of newly issued stock. The company’s stock last traded at around $0.80 per share.

The company being acquired is 501 Canada Inc. In addition to 501 Alliance, which is located in a residential area on the west side of the city, 501 Canada owns 3025 Kennedy Rd, a 27,700 sf office property located 10 miles east of the larger property.

According to Empire Global, the total fair market value of 501′s real-estate assets as of September 30, 2005 was $11.1 million, with a combined mortgage of $7.3 million, bringing 501′s net real-estate asset value to $3.8 million. The company’s rental revenue for the years ended December 31, 2003 and 2004 were $510,380 and $650,745 respectively.

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