Business
ISG CAPITAL'S VALUE ENHANCEMENT METHODOLOGY VALIDATED - CONTRIBUTES TO 22% IRR
May 17, 2011 (Canada NewsWire Group) -- -   Utility costs reduced by 50% - Prototype...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n May 17, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n- Utility costs reduced by 50% - Prototype property receives Energy Star\n Rating of 90 -\n\n\nTORONTO, May 17 /CNW/ - ISG Capital Corporation (TSXV: SUS) ("ISG" or the "Corporation") is pleased to report that its proprietary greening methodology has\n resulted in a 22% internal rate of return ("IRR") since inception on\n the Company's prototype industrial property, a 200,615 square foot\n distribution center on 19.98 acres of land in Ingersoll, Ontario (the\n "Ingersoll Property"). The Ingersoll Property was purchased by ISG in\n February of 2009 for $9,908,500 and the Corporation has recently\n received an appraisal update letter from the Altus Group confirming a\n valuation of $11,000,000 as at April 15, 2011.\n\n\nA report prepared by Abraxas Energy Consulting ("Abraxas") confirmed\n that utility costs at the Ingersoll Property dropped from a 36 month\n average of $0.83 p.s.f. per year ending in July 2009 to $0.41 p.s.f.\n per year as of February 2011, a reduction of approximately 50%. This\n significant decrease in utility costs allowed ISG to work with its\n tenant to increase net rent and cash flow and extend the term of the\n lease while actually lowering the tenant's gross occupancy costs.\n\n\nThe Energy Star rating of the building has dramatically improved, moving\n from 72 at acquisition to 90 after the ISG improvements. Savings w...