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TORONTO, Feb. 29, 2012 /CNW/ - C2C Industrial Properties Inc. (the "Company" or "C2C") (CCH: TSX-V) announced today further to its announcements on January
30, 2012, January 31, 2012 and February 10, 2012 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 the Greater Toronto Area ("GTA") and the related financings.
The Portfolio consists of four multi-tenant industrial buildings located
in Oakville, Etobicoke, Richmond Hill and Scarborough, Ontario totaling
487,848 square feet. The Portfolio is 100% leased to a diverse mix of
tenants with varying unit sizes. The Portfolio was acquired at a
weighted average going-in capitalization rate of 7.0% before deductions
for deferred capital repairs.
The purchase price for the Portfolio was approximately $36,600,000
subject to usual real estate adjustments and closing costs. C2C
financed the purchase price through the assumption of the existing
first mortgage in the approximate principal amount of $22,300,000, a
credit facility from a Schedule I Canadian bank in the approximate
principal amount of $6,300,000 and a private placement in the amount of
About C2C Industrial Properties Inc.
C2C's is a real estate investment corporation specializing in the
acquisition, ownership and operation of industrial properties across
Canada. C2C owns fourteen industrial assets totalling approximately 1.2
million SF. 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
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
SOURCE C2C Industrial Properties Inc.
For further information:
C2C Industrial Properties Inc.