Overview
Morguard Sunstone
Sunstone US (No. 4)
Sunstone US (No. 3)
Sunstone US (No. 2)
Sunstone US
Sunstone (2008)
 
Sunstone Opportunity Fund (2007)
Q3-2021 Quarterly Updates
 

The Sunstone team worked diligently on leasing and adding value to the properties in order to move towards our goal of divesting the last remaining asset in the fund.

Our focus and commitment have been to put unitholders' interests first while dealing with the very soft Calgary office market and the challenges of the retail environment which is undergoing pressure from e-commerce and of course the global pandemic. COVID-19 (or the coronavirus), has had a significant impact on businesses through the restrictions put in place by the provincial and municipal governments regarding travel, business operations and isolation/quarantine orders. This is an unprecedented time, and the real estate world is very different. We have been flexible and working with our tenants and addressing each of their issues on a case-by-case basis. It is in our best interests to ensure that the tenants can continue to work through this crisis and continue to be sustainable when the isolation/quarantine orders are eventually relaxed or lifted. Since the phased reopening by the provincial and municipal governments, most of the tenants have opened their businesses and are operating to a certain degree in this unique environment.

In light of a very weak office market in Calgary, the Sunstone team is pleased that the last remaining asset held in the Fund, Health Plus in Calgary, Alberta was sold in October 2021.

As the Fund has disposed of all of its assets and has otherwise ceased to carry on an active business, we will begin the process of winding up the Fund and determine whether a final small cash distribution can be paid to the unitholders upon the wind-up after clearing Fund payables. The Fund will subsequently be terminated and dissolved in accordance with its Declaration of Trust dated September 4, 2007.

The 2007 Fund $12,500 original investment: $12,126.79 paid out to date.


For the Q3-2021 Quarterly Update letter please click here.


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