C2C Industrial Properties Inc. Announces Completion of Portfolio Acquisition


TORONTO, Nov. 23, 2011 /CNW/ - C2C Industrial Properties Inc. (the "Company" or "C2C") (CCH: TSX-V) today announced that its wholly-named subsidiary, C2C Industrial Properties Ltd., has completed the acquisition (the "Acquisition") of a portfolio of income producing industrial properties (the "Portfolio") located in Eastern Canada.

The Portfolio consists of eight multi-tenant industrial buildings located in Dartmouth, Nova Scotia totaling more than 600,000 square feet. The Portfolio has a diversity of tenants and unit sizes. The Portfolio is 97% leased and was acquired at an approximate capitalization rate of 7.80%.

The Halifax area was targeted because of its stable economy, demographics and commercial real estate market. As a result of long-term stability, Halifax has become a reliable market known for consistent gains and lower risk. Halifax is reported to have the second lowest vacancy rate of any primary market in Canada.  The recent announcement that Halifax has been awarded the ship building contract for the Canadian Navy, a contract reported to be worth $25 billion over the next 20 years, is testament to both the stability and growth potential of this market.

The Portfolio provides scale and access to almost 90 existing tenants, providing the Corporation with a platform and cash flow to source and execute on growth investments in the Halifax market and elsewhere.

The aggregate purchase price for the Portfolio was approximately $56,000,000, exclusive of closing costs. The Corporation financed the purchase price of the Portfolio by means of first mortgage financing in the aggregate principal amount of approximately $38,550,000 and the balance by means of a bridge loan.

The Corporation intends to complete one or more private placements, the proceeds of which will be used to repay all or a portion of the principal and interest owing pursuant to the bridge loan and for working capital purposes.

About C2C Industrial Properties Inc.

C2C is a real property company that recently completed its Qualifying Transaction on the TSX Venture Exchange. C2C's principal objective is to become a real estate corporation specializing in acquiring, owning and operating industrial properties across Canada. More information about C2C (CCH: TSX-V) is available at www.sedar.com.

Forward Looking Statements

This document contains forward-looking statements relating to C2C and the environment 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. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in this press release and other public filings. 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. All forward-looking statements attributable to C2C are expressly qualified by these cautionary statements.

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.

SOURCE C2C Industrial Properties Inc.

For further information:

C2C Industrial Properties Inc.
Christopher Ross
(416) 646-7353

Profil de l'entreprise

C2C Industrial Properties Inc.

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