Huntingdon Capital Corp. announces the sale of two properties for gross proceeds of $5.9 million

Huntingdon Capital Corp.  announced that it has closed the sale of two properties for gross proceeds of $5.9 million.

The first property sale was 110 Henderson Drive, Regina, Saskatchewan, 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 Street, Winnipeg, Manitoba, 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 $0.5 million of second mortgage debt. The combined transactions reflect a cap rate of approximately 6.5%. Tax leakage relating to taxable capital gains is estimated at $90,000.
 

on April 3, 2012