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KingSett Capital announces closing of the previously announced sale of Industrial Portfolio to Dundee Industrial REIT for $498 Million

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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



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