Mr. Zachary George reports
HUNTINGDON CAPITAL CORP. ANNOUNCES THE SALE OF TWO PROPERTIES FOR GROSS PROCEEDS OF $5.9 MILLION
Huntingdon Capital Corp. has closed the sale of two properties for gross proceeds of $5.9-million.
The first property sale was 110 Henderson Dr., Regina, Sask., a 101,360-square-foot industrial building, which was sold for gross proceeds of $2.7-million pursuant to a tenant purchase option.
The second property sale was 555 Madison St., Winnipeg, Man., an 18,462-square-foot office building, which was sold for gross proceeds of $3.2-million pursuant to an expropriation by a Manitoba government agency.
Collectively, these asset sales resulted in net cash proceeds to Huntingdon of approximately $2.6-million after expenses, closing adjustments, and the repayment of approximately $2.8-million of first mortgage debt and $500,000 of second mortgage debt. The combined transactions reflect a cap rate of approximately 6.5 per cent. Tax leakage relating to taxable capital gains is estimated at $90,000.