Investment opportunity to acquire a well-tenanted office building in Calgary with long-term upside potential

Invitation for real estate proposals

CALGARY, AB, Oct. 19, 2020 /CNW/ - Ernst & Young Inc., in its capacity as Court-appointed receiver (the "Receiver") of Petro West Ltd. and Petro West LP (together, "Petro West"), is seeking proposals for the purchase of Petro West's interest in a commercial property municipally located at 1210 – 8^th Street SW, Calgary, AB (the "Petro West Property"), pursuant to a sales process (the "Sales Process") approved by the Court of Queen's Bench of Alberta on January 30, 2020.

Key details of the Petro West Property include:

Petro West Property (CNW Group/Ernst & Young Inc.)

• 36,927 SF, including 3,787 SF of street level retail
• 63 parking stalls, including 52 stalls in a 4-level secure parkade
• Close proximity to retail and commercial amenities, public transit and walking distance to Calgary's downtown core

Key milestones of the Sales Process are as follows:

• Phase 1 LOI Deadline: November 16, 2020
• Phase 2 Binding Bid Deadline: December 7, 2020
• Targeted Closing Date: January 4, 2021, subject to Court approval

A confidential information memorandum has been prepared by the Receiver and is available to parties that have expressed an interest in the Sales Process and have delivered a non-disclosure agreement ("NDA") to the Receiver.

Additional information on the Sales Process, including a downloadable version of the NDA and a teaser letter outlining key details of the Petro West Property, is available on the Receiver's website at www.ey.com/ca/petrowestplaza.

Ernst & Young Inc., in its capacity as Court-appointed Receiver of Petro West and not in its personal or corporate capacity
2200, 215 – 2^nd Street SW
Calgary, AB  T2P 1M4
Fax:        [phone]

SOURCE Ernst & Young Inc.

Please contact Duncan Yang of EY Transaction Real Estate at [email protected] or 403-206-5431.