Pure Industrial Real Estate Trust Announces Successful Sale of Two Industrial Properties for $7.55 Million and Announces August Cash Distribution
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, Aug. 16, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful sale of 901 Rowntree Dairy Road and 101 Marycroft Avenue located in Vaughan, Ontario for an aggregate price of $7.55 million.
Both are vacant single tenant industrial buildings. 901 Rowntree was constructed in 1984 and has a total rentable area of 16,125 square feet with a clear height of 16 feet. 101 Marycroft was constructed in 1986 and has a total rentable area of 46,390 square feet with a clear ceiling height of 16 feet. PIRET acquired the properties for $5.48 million in aggregate as a part of the GTA Portfolio transaction that closed May 15, 2013.
The sale of these assets reflects PIRET's commitment to creating value for its unitholders through selective opportunistic dispositions.
PIRET today announced that its Board of Trustees has approved a cash distribution of $0.026 per trust unit for the month of August 2013 (equivalent to $0.312 per trust unit on an annualized basis). This distribution will be paid on September 16, 2013 to unitholders of record at the close of business on August 30, 2013.
The policy of PIRET is to pay cash distributions on or about the 15th day of each month to the unitholders of record on the last business day of the preceding month.
PIRET units are listed on the TSX under the symbol AAR.UN. PIRET currently has 135,716,055 units issued and outstanding.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that acquires, owns and operates a diversified portfolio of income-producing industrial properties in primary markets across Canada. PIRET focuses exclusively on investing in industrial properties and is the largest internally managed publicly traded REIT in Canada that offers investors exclusive exposure to Canada's industrial asset class.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED NOR APPROVED THE CONTENTS OF THIS PRESS RELEASE AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)For further information:
Director of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 398-2836 or (888) 681-5959
TSX - AAR.UN