VANCOUVER, Feb. 24, 2012 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or "REIT") (TSXV: AAR.UN) today announced the successful
completion of the purchase of a multi-tenant, income producing
industrial property for a total purchase price of $22,125,000.
The property is located at 925 - 931 Brock Road in Pickering, Ontario,
has a total rentable area of 325,680 square feet, and is situated on
20.08 acres. The property is leased to quality international and
regional tenants and has six acres of additional land that will allow
future expansion of the building by approximately 120,000 square feet.
PIRET acquired the property on an all cash basis and funded the
acquisition with equity from the bought deal financing announced
January 11, 2012 and completed on January 26, 2012. The REIT expects
to finance the property within the next 30 days with a first mortgage
of $14.4 million. The asset was acquired at an attractive
capitalization rate of 8.0%.
After completing this transaction, PIRET's portfolio will total
approximately 4.45 million square feet, with greater than 44% of the
portfolio's gross leasable area in the Greater Toronto Area.
PIRET's units are listed on the TSX Venture Exchange under the symbol
About Pure Industrial Real Estate Trust (PIRET)
PIRET is an unincorporated, open-ended investment trust established for
the purposes of acquiring, owning and operating a diversified portfolio
of income-producing industrial properties in primary markets across
Canada. PIRET focuses exclusively on investing in industrial properties
and is the only publicly traded vehicle in Canada that offers investors
exclusive exposure to Canada's industrial asset class.
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
TSX Venture Exchange - AAR.UN
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
For further information:
Director of Investor Relations
Pure Industrial Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959