TORONTO, Aug. 10, 2012 /CNW/ - ISG Capital Corporation (TSXV:SUS "ISG") announced today that it has entered into an agreement to sell its sole real estate asset, an industrial distribution facility at 311 Ingersoll Road in Ingersoll, Ontario (the "Property").
The sale price of the Property is $10,532,250, which represents a going-in yield on in place net operating income of approximately 8%. The sale price is subject to a mortgage interest rate buy down of $250,000 resulting in a net purchase price of $10,282,250, before closing adjustments.
The sale is expected to close in the third quarter of 2012, subject to customary closing conditions, including TSXV and shareholder approval. An Information Circular describing the meeting date at which shareholder approval will be sought, the sale transaction in detail and providing information on the proposed use of sale proceeds will be mailed to shareholders and made available at www.sedar.com in due course.
ISG is a publicly-traded commercial real-estate company (www.isgcapital.ca). The company is committed to creating shareholder value by incorporating environmentally and socially responsible approaches in its growth strategy.
The TSXV has neither approved nor disapproved the contents of this press release and does not accept responsibility for its adequacy or accuracy.
SOURCE: ISG Capital Corporation
For further information:
President and Chief Executive Officer
(416) 203-7538 or (877) 877-0213