Pure Industrial Real Estate Trust Successfully Closes Previously Announced Acquisition
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, March 13, 2014 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of a portfolio of three properties located in Ontario (the "Second Ontario Portfolio") for $25.8 million. The three properties in the Second Ontario Portfolio are located in the Greater Toronto Area ("GTA").
The Second Ontario Portfolio consists of one multi-tenant and two single-tenant industrial properties comprising an aggregate of 245,530 square feet of gross leasable area ("GLA"). The properties are 100% leased to quality international, national and regional tenants with a weighted average remaining lease term of approximately 8.2 years. PIRET acquired the Second Ontario Portfolio at a going-in capitalization rate of 6.51% and financed the acquisition with cash proceeds from the bought deal financing that closed on January 28, 2014. PIRET intends to obtain first mortgage financing representing approximately 52% of the purchase price, bearing interest at approximately 3.70% per annum.
After completing the acquisition of the Second Ontario Portfolio, PIRET's portfolio totals 164 properties and approximately 14.1 million square feet of GLA. PIRET's year-to-date acquisitions are summarized below:
|Calgary Asset||Calgary, Alberta||1||27,781||$||12.10||7.25%||100%||2.0|
|First Ontario Portfolio||Various, Ontario||5||1,229,150||93.00||6.99%||100%||6.1|
|Second Ontario Portfolio||GTA, Ontario||3||245,530||25.80||6.51%||100%||9.4|
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) 681-5959 or (888) 681-5959
TSX - AAR.UN