TORONTO, Dec. 13, 2012 /CNW/ - C2C Industrial Properties Inc. ("C2C" or the "Company") (TSXV: CCH) announced today that it finalized an agreement to acquire a light industrial property containing approximately 44,500 square feet of gross leaseable area ("GLA") on 5.6 acres of land. The property includes approximately 3 acres of excess land, is well-located in a large industrial park in Cambridge Ontario, close to major highways and key southwestern Ontario markets. The building is 100% leased to a single national tenant on a multi-year lease with approximately 8 years of term remaining. The Company will pay approximately $4.1 million for the property, including all due diligence and closing costs, satisfied entirely in cash. The property is being acquired at a going-in capitalization rate of approximately 7.90%. The transaction is expected to close on or before December 20th, 2012.
"This acquisition reflects the continuing implementation of C2C's strategic plan. The property offers an excellent immediate return and future development opportunities" said Chris Ross, President.
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 assets totalling approximately 2.1 million square feet of gross leaseable area. More information about C2C (CCH: TSX-V) is available at www.c2cip.com.
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 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, President