C2C Industrial Properties Inc. Enhances GTA Presence With Acquisition
TORONTO, ONTARIO -- (Marketwire) -- 11/02/12 -- C2C Industrial
Properties Inc. ("C2C" or the "Company") (TSX VENTURE:CCH) announced
today that it has completed the acquisition of a property containing
two well-maintained light industrial buildings aggregating
approximately 82,000 square feet of gross leaseable area ("GLA") in
Brampton, Ontario close to major highways and Pearson International
Airport. The two buildings are 100% leased. The Company paid
approximately $8.8 million for the property, including all due
diligence and closing costs, satisfied by a new $5.25 million
five-year mortgage bearing an interest rate of 3.75%, the issuance of
100,000 common shares of the Company to the vendor at a deemed value
of $5.00 per share, equal to $0.5 million, with the balance in cash.
The property was acquired at a going-in capitalization rate of
Of the 100,000 common shares of the Company issued to the vendor,
20,000 were delivered on closing and the remaining 80,000 were
delivered to an escrow agent to be held as security for the
performance of the tenant of one of the buildings. The escrowed
shares, subject to the security arrangements, will be released to the
vendor on the basis of 1/4 of the shares on the first anniversary of
the closing date, and the remaining 3/4 of the shares approximately 5
years from closing. These common shares will be subject to a four
month hold period expiring March 3, 2013, in accordance with the
policies of the TSX Venture Exchange Inc.
"We are pleased to be purchasing this property and enhancing our
presence in the strong and growing Greater Toronto Area market,"
commented Chris Ross, President. "The transaction fits very well with
our focus on a three-part strategic growth plan: to acquire
properties with high initial capitalization rates, or purchases where
we believe we can add incremental value over time through our active
asset and property management programs or our proven development and
About C2C Industrial Properties Inc.
C2C is a real estate investment corporation specializing in the
acquisition, ownership and operation of light industrial properties
across Canada. C2C currently owns 22 industrial prope
approximately 2.0 million square feet of gross leaseable area. More
information about C2C (TSX VENTURE:CCH) is available at
Forward Looking Statements
This document contains forward-looking statements relating to C2C and
the industry in which it operates and its strategy, action plans and
investments, which may involve estimates, forecasts and projections.
These statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and/or are
beyond C2C's control. Consequently, readers should not place any
undue reliance on such forward-looking statements. These
forward-looking statements are made as of the date of this press
release. C2C is under no obligation to update any forward-looking
statements contained herein should material facts change due to new
information, future events or other factors, unless otherwise
required to do so by applicable law. All forward-looking statements
attributable to C2C are expressly qualified by these cautionary
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this press release.
C2C Industrial Properties Inc.
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