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KingSett Capital Announces Closing Of The Previously Announced Sale Of Industrial Portfolio To Dundee Industrial REIT For $498 Million

TORONTO, Dec. 19, 2012 /CNW/ - KingSett Capital announced today that affiliates of KingSett Capital have completed the previously announced sale of a 5.3 million square foot portfolio of industrial properties (the "Portfolio") to Dundee Industrial REIT for approximately $498.5 million previously announced on November 28, 2012. A portion of the purchase price for the Portfolio was satisfied through the issuance by Dundee Industrial REIT to an affiliate of KingSett Capital of 2,358,491 trust units ("Units"), at a price of $10.60 per Unit, and $25,000,000 aggregate principal amount of 5.25% convertible unsecured subordinated debentures due December 31, 2019 (the "Debentures"), at a price of $1,000 per $1,000 principal amount of Debentures. The Debentures are convertible into Units at a conversion price of $13.80 per Unit, subject to adjustment.

Following the closing of the sale of the Portfolio, KingSett Capital's and affiliates' of KingSett Capital securityholding percentage in the Units is approximately 8.07%, assuming the conversion of the $25,000,000 aggregate principal amount of Debentures into Units and that the 16,111,831 issued and outstanding Class B limited partnership units of Dundee Industrial Limited Partnership, which are intended to be economically equivalent to the Units, have been exchanged for an equal number of Units, or approximately 11.48% on a non-exchanged basis. KingSett Capital's Units and the Debentures are being held for investment purposes only.

SOURCE KingSett Capital

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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