Business & Finance
Business and Finance
Business and Finance
Wed, March 6, 2013
Tue, March 5, 2013 C2C Industrial Properties Inc. Completes Acquisition of GTA Light Industrial Property
March 05, 2013 15:51 ET
C2C Industrial Properties Inc. Completes Acquisition of GTA Light Industrial Property
TORONTO, ONTARIO--(Marketwire - March 5, 2013) - C2C Industrial Properties Inc. ("C2C" or the "Company") (TSX VENTURE:CCH) announced that it has completed the acquisition of a light industrial multi-tenant property located in Toronto, Ontario effective as at February 19, 2013. The property contains approximately 177,600 square feet of gross leaseable area on 7.9 acres of land well-located just west of the Don Valley Parkway and south of Eglinton Avenue. The site provides excellent access to all Greater Toronto Area markets, particularly the downtown core. The building is currently 100% occupied by four tenants on multi-year leases.
The Company paid approximately $11.5 million for the property, representing a cap rate of 7.2% including all due diligence and closing costs. The purchase price was satisfied by the assumption of an existing $5.1 million mortgage maturing on June 1, 2016 and the remainder from its cash on hand.
"We are pleased to complete our second acquisition of 2013, and look forward to another year of solid and accretive portfolio growth," commented 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 23 industrial assets totalling approximately 2.3 million square feet of gross leaseable area. More information about C2C (TSX VENTURE:CCH) 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.
