TORONTO, ONTARIO--(Marketwire - Jan. 23, 2013) - C2C Industrial Properties Inc. ("C2C" or the "Company") (TSX VENTURE:CCH) announced today that it has agreed to acquire a light industrial multi-tenant property located Toronto, Ontario. The property contains approximately 177,600 square feet of gross leasable area ("GLA") on 7.9 acres of land well-located just west of the Don Valley Parkway and south of the 401 highway. 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 will pay approximately $11.5 million for the property, representing a cap rate of 7.2% including all due diligence and closing costs. The purchase price is to be satisfied by the assumption of an existing $5.2 million mortgage maturing on June 1, 2016 with the balance in cash. Closing of the purchase is scheduled before the end of February 2013.
"This is our first acquisition of the new year following a very active 2012," commented Chris Ross, President. "It builds upon the growth pattern established over the last 18 months in which the Company acquired 23 properties. C2C now owns 2.2 million square feet and more than $200 million of industrial property investments.
"Looking ahead, we anticipate another solid year of growth for the Company as we continue to execute our three-part strategic plan: first, to acquire properties with high initial capitalization rates; second, to purchase properties where we believe we can add incremental value over time through our active asset and property management programs; and third, to add significant value through our proven property development, re-development and expansion programs."
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 2.2 million square feet of gross leasable 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.