REF NO.: 46
Memorial University and the Battery Hotel are pleased to announce they have entered into a purchase and sale agreement for the acquisition of the Battery Hotel. Closing will occur in about 60 days pending a detailed inspection of the property, a satisfactory closing arrangement and approval from the government for Memorial University to acquire the property.
Facilities and buildings on Memorials St. Johns campus and the Marine Institute are fully occupied and the university currently leases significant space off-campus.
The space at the Battery would allow the university to consolidate a number of units that would be appropriately housed closer to the citys downtown core.
The building and operations will be cost-neutral to the university. Funding will be provided from redirecting lease expenditures for off-campus space and revenue generated from university activities at the facility.
Memorial is committed to integrating into its surroundings and values the integrity of the communities and neighbourhoods in which we live and work, said Dr. Gary Kachanoski, Memorials president and vice-chancellor.
"As a former professor at Memorial in the mid 70s, Im particularly proud to see the Batterys landmark property contribute significantly to making Memorial Universitys campus one of the finest in all of Canada, said Rick Butler, Battery Hotel owner.
- 30 -