RICHMOND, BC, April 2, 2012 /CNW/ - Huntingdon Capital Corp. ("Huntingdon") (TSX: HNT, HNT.DB and HNT.WT) announced today that it has closed the sale of two properties for gross proceeds of $5.9 million.
The first property sale was 110 Henderson Drive, Regina, Saskatchewan, a 101,360 square foot industrial building which was sold for gross proceeds of $2.7 million pursuant to a tenant purchase option.
The second property sale was 555 Madison Street, Winnipeg, Manitoba, an 18,462 square foot office building which was sold for gross proceeds of $3.2 million pursuant to an expropriation by a Manitoba government agency.
Collectively, these asset sales resulted in net cash proceeds to Huntingdon of approximately $2.6 million after expenses, closing adjustments and the repayment of approximately $2.8 million of first mortgage debt and $0.5 million of second mortgage debt. The combined transactions reflect a cap rate of approximately 6.5%. Tax leakage relating to taxable capital gains is estimated at $90,000.
Huntingdon owns, directly or indirectly, 73 income producing office, industrial and retail properties with a total gross leasable area of 5.4 million square feet.
The Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
For further information:
Zachary R. George, Director, President and Chief Executive Officer
Tel: (604) 249-5119
Fax: (604) 249-5101