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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 approximately $10,454,000.
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 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.
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C2C Industrial Properties Inc.