logo
Share SHARE
FONT-SIZE Plus   Neg

Huntingdon Capital To Sell Portage Place, Peterborough, Ontario

Huntingdon Capital Corp. (HNT.TO) announced that it has entered into a binding agreement to sell Portage Place, Peterborough, Ontario. The company noted that the previously announced agreement in February 2012 to sell 4 Ontario retail properties has been amended to include Portage Place. The revised terms of the agreement include the sale of 5 Ontario retail properties for gross sale proceeds of $80.0 million.

Based on 2012 budgeted net operating income, this transaction represents a 6.3% capitalization rate.

The revised agreement also includes a $5.0 million interest only vendor take-back mortgage bearing interest at a rate of 5.5% per annum and maturing two years after the closing date. The vendor take-back mortgage is secured by a second charge on Portage Place. The sale will result in net cash, excluding the vendor take-back mortgage, of approximately $59.4 million after expenses, closing adjustments and the repayment of $14.2 million of mortgage debt.

Portage Place is a 226,714 square foot enclosed shopping centre located in Peterborough, Ontario with occupancy of 87.8% as at December 31, 2011.

The company noted that the proceeds from the sale will be used for the repayment of mortgage debt, the return of capital to shareholders and potential acquisitions. The transaction is expected to close in May 2012.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Samsung Electronics Co., Ltd. said it will delay restarting the sale of its Galaxy Note 7 phone in South Korea. The decision is said to reflect the requirement of more time for the global recall as dozens of devices caught fire. Shares of Marinus Pharmaceuticals Inc. (MRNS) have gained over 35% in the last seven trading days in the run-up to the exploratory phase II study results of Ganaxolone, scheduled for this month. United Parcel Service, Inc. has started to test the use of drones to make commercial deliveries of packages to remote or difficult-to-access locations. On Thursday, the package delivery giant and drone-maker CyPhy Works staged a mock delivery of urgently needed medicine from Beverly, Massachusetts to Children's Island, which is about three miles off the Atlantic coast.
comments powered by Disqus
Follow RTT