ISG Announces Agreement for Sale of Ingersoll Distribution Facility
August 10 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, Aug. 10, 2012 /CNW/ - ISG Capital Corporation announced
today that it has entered into an agreement to sell its sole real
estate asset, an industrial distribution facility at 311 Ingersoll
Road in Ingersoll, Ontario (the "Property"). The sale price of the
Property is $10,532,250, which represents a going-in yield on in
place net operating income of approximately 8%. The sale
price is subject to a mortgage interest rate buy down of $250,000
resulting in a net purchase price of $10,282,250, before closing
adjustments. The sale is expected to close in the third quarter of
2012, subject to customary closing conditions, including TSXV and
shareholder approval. An Information Circular describing the
meeting date at which shareholder approval will be sought, the sale
transaction in detail and providing information on the proposed use
of sale proceeds will be mailed to shareholders and made available
at www.sedar.com in due course. About ISG ISG is a publicly-traded
commercial real-estate company (www.isgcapital.ca). The
company is committed to creating shareholder value by
incorporating environmentally and socially responsible approaches
in its growth strategy. The TSXV has neither approved nor
disapproved the contents of this press release and does not accept
responsibility for its adequacy or accuracy. ISG Capital
Corporation CONTACT: David OgdenPresident and Chief Executive
Officer(416) 203-7538 or (877) 877-0213www.isgcapital.ca
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