Today, the Calgary real estate mogul runs Mainstreet Equity Corp. which has market capitalization of about $390 million, has total assets valued at about $1.2 billion and owns 8,667 rental units across eight Western Canadian cities as of this week.
Mainstreet Equity (MEQ.TO) Monday said that the Toronto Stock Exchange has approved its proposed share buyback program. The real estate company is allowed to repurchase for cancellation up to 487,890 shares starting June 1, 2016 until May 31, 2017. The stock was last seen at the top half of 52-week range $27.61 – $38.50.
Mainstreet is a publicly-traded (TSX) residential real estate corporation headquartered in Calgary. We buy under-performing mid-sized apartment buildings at low cost. We improve them, often dramatically (such as Merante Apartments shown in this video), before placing them back on the market at rates that reflect their increased value.
CALGARY, May 30, 2016 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) today announced that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Corporation ("Shares") on the open market in accordance with the rules of the TSX.