Huntingdon Capital Corp. of Richmond, British Columbia plans to sell Portage Place in Peterborough, Ontario. In an $80-million deal, it also plans to sell Crossroads Centre in London, Suncoast Mall in Goderich, Lincoln Centre in Welland and Speedvale Centre in Guelph.
Huntingdon Capital Corp. of Richmond, British Columbia announced Monday it plans to sell Portage Place in Peterborough, Ontario.
That deal is a change to an agreement announced in February to sell four other shopping centres in Ontario. The gross proceeds, from all five properties, is $80 million.
In February, the firm entered into a binding agreement to sell Crossroads Centre in London, Suncoast Mall in Goderich, Lincoln Centre in Welland and Speedvale Centre in Guelph. With Monday’s announcement, the deal now includes the sale of Portage Place, a 226,714 square foot enclosed shopping centre.
“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,” Huntingdon Capital stated in a press release. “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.”
Huntingdon owns 73 office, industrial and retail properties with a total gross leasable area of 5.4 million square feet.
Industrial properties in Ontario include 650 Riverview Drive in Chatham and 505 Industrial Drive in Milton.
DCN DIGITAL MEDIA
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