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
Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) Friday said its first-quarter profit rose from last year, as revenues increased. However, the company's operating profit dropped hurt by derivative losses and lower railroad revenues. Berkshire is a holding company with a number... Rare commodities are worth more than good is a Chinese adage. And more so when it is in the sought-after drug space. Rare and ultra-rare diseases, also called orphan and ultra-orphan diseases, as the names imply, affect very small numbers of patients. So why the clamor? Shares of steel giant ArcelorMittal were losing around 4 percent in the early morning trading in Amsterdam after the company reported sharp decline in first-quarter EBITDA, a key earnings metric, as sales were weak with lower prices and production. Net loss, however, narrowed from last year. The company also confirmed its forecast for annual EBITDA, which is lower than last year.
comments powered by Disqus
Follow RTT