Unique Investment Opportunity to Acquire a Well Tenanted Office Building In Calgary With Value Upside Potential

CALGARY, Feb. 20, 2020 /CNW/ - Ernst & Young Inc., in its capacity as Court-appointed Receiver (the "Receiver") of Petro West Ltd. and Petro West Limited Partnership (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.)

• 4-storey office building conveniently located on the corner of 12^th Ave SW and 8^th St SW in Calgary's Beltline area
• Over 36,900 sq. ft. of leasable space, including 3,800 sq. ft. of retail space with street access
• 63 parking stalls, including 52 stalls in a 4-level secure underground parkade
• Currently 96% occupied by tenants

Key milestones of the Sales Process are as follows:

• Phase 1 LOI Deadline: March 23, 2020
• Phase 2 Binding Bid Deadline: April 13, 2020
• Targeted Closing Date: On or before May 15, 2020

A Confidential Information Memorandum ("CIM") 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 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 [phone]