Madison Pacific Properties Inc.

September 12, 2013 20:00 ET

Madison Pacific Properties Inc. (TSX:MPC)(TSX:MCP.C) Announces the Purchase of a Portfolio of 12 Properties Across Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 2013) - Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a Vancouver-based real estate company, announces that it has made a $13.4 Million equity investment for a 61% interest in a portfolio of 12 industrial properties located in British Columbia, Alberta, Ontario and Quebec. The investment was made through a newly formed limited partnership with other investors and was funded from cash and the Company's existing credit facilities. The limited partnership acquired the portfolio of properties for $61.7 Million and funded the acquisition through equity funding from its partners and by assuming existing debt on the properties and obtaining additional mortgage financing. The portfolio includes approximately 98 acres of land and 538,600 square feet of building space leased to a single tenant, Taiga Building Products, an industry leader in building products distribution. This acquisition integrates well with the Company's current mix of commercial and industrial properties, in addition to allowing the Company to further diversify geographically.

Contact Information

  • Madison Pacific Properties Inc.
    Mr. Marvin Haasen
    President & Chief Executive Officer
    (604) 732-6540
    (604) 732-6550 (FAX)

    Madison Pacific Properties Inc.
    Mr. Dino Di Marco
    Chief Financial Officer
    (604) 638-5272