Dundee Corporation Announces Parq Vancouver Update
TORONTO, Dec. 31, 2018 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) (the “Company” or “Dundee”) is pleased to announce that, pursuant to an existing agreement, an industry investor has provided Parq Equity Limited Partnership (“PELP”) with an unsecured loan (“the Loan”) for $15 million. The Loan has been documented as a promissory note issued by PELP to the industry investor.
Dundee is a significant but non-controlling investor in PELP, which is an indirect majority owner of Parq Vancouver.
Proceeds from the Loan were used to make scheduled debt payments of Parq Holdings Limited Partnership.
ABOUT PARQ VANCOUVER
An international entertainment destination, located in downtown Vancouver, next to the BC Place stadium, Parq Vancouver features two luxury hotels which include a JW Marriott and the DOUGLAS, an Autograph Collection Hotel. Both hotels provide guests access to Parq Vancouver’s wide range of amenities, including downtown Vancouver’s only casino, seven diverse restaurants and lounges, a 30,000 square foot park with native trees located six floors above street level, a world class spa, a modern fitness studio and more. Parq Vancouver also includes over 60,000 square feet of well-appointed, flexible meeting and event space, featuring Vancouver’s largest hotel ballroom.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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