C2C Industrial Properties to Acquire Well-Located National Portfolio

C2C Industrial Properties Inc. (the "Company" or "C2C") (TSX VENTURE:CCH) today
announced that it had entered into an agreement to acquire a portfolio of seven
industrial properties aggregating approximately 793,000 square feet of gross
leaseable area ("GLA") on 44.2 acres of land well-located in Montreal Quebec,
Mississauga Ontario and Edmonton Alberta. The properties are 98% leased to a
high quality, well diversified group of more than 70 tenants with only one
tenant representing more than 4% of gross revenue. The properties have
functional clear ceiling heights and all are located in prime industrial nodes
close to key transportation routes, airports and rail hubs. The Portfolio is
being acquired at a weighted average going-in capitalization rate of
approximately 6.4% before deductions for deferred capital repairs. The
transaction is conditional, and subject to satisfaction of the conditions, is
scheduled to close in July of 2012. 


The total purchase price, including acquisition costs, will be approximately
$70.5 million, which is to be satisfied by the assumption of an existing $10.0
million mortgage maturing June 1, 2014 with an effective interest rate of 3.25%,
a new 24-month $34.8 million mortgage with an effective interest rate of 5.00%,
and a new 18-month $21.5 million second mortgage with an effective interest rate
of 9.25%. The balance is to be paid in cash. 


With the completion of this acquisition, the Company's portfolio will consist of
21 industrial properties aggregating approximately 2 million square feet of
gross leasable area well-situated in urban growth markets across Canada. 


"This key strategic acquisition significantly expands the size, scale and scope
of our industrial property portfolio. It initiates our presence in two
additional, well-established and major industrial markets: Quebec and Alberta.
It strengthens our presence in Ontario and further diversifies our revenue
streams," commented Chris Ross, President. "In addition, many of the buildings
are clustered close together providing enhanced leasing, tenant retention and
operating cost synergies both within the portfolio to be acquired, and with our
current properties. These multi-tenant properties will serve as a platform for
our value-add investment activities. C2C will now have direct access to four of
the largest industrial markets in Canada."


"Going forward, we will continue to expand our industrial property portfolio in
key growth markets across the country through additional acquisitions," Mr. Ross
concluded. 


About C2C Industrial Properties Inc. 

C2C is a real estate investment corporation specializing in the acquisition,
ownership and operation of industrial properties across Canada. C2C currently
owns fourteen industrial assets totalling approximately 1.2 million square feet.
More information about C2C (TSX VENTURE:CCH) 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.

C2C Industrial Properties (TSXV:CCH)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024