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KingSett Capital sells industrial portfolio to Dundee Industrial Reit for USD498m

Affiliates of KingSett Capital have completed the previously announced sale of a 5.3 million square foot portfolio of industrial properties to Dundee Industrial Reit for approximately USD498.5m.

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 at a price of USD10.60 per unit, and USD25,000,000 aggregate principal amount of 5.25 per cent convertible unsecured subordinated debentures due 31 December 2019, at a price of USD1,000 per USD1,000 principal amount of debentures. The debentures are convertible into units at a conversion price of USD13.80 per unit, subject to adjustment.

Following the closing of the sale of the portfolio, KingSett Capital's and affiliates' of KingSett Capital security holding percentage in the units is approximately 8.07 per cent, assuming the conversion of the USD25,000,000 aggregate principal amount ofdDebentures 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 per cent on a non-exchanged basis. KingSett Capital's units and the debentures are being held for investment purposes only.

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