VANCOUVER, April 7 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or
the "REIT") (TSXV: AAR.UN) announced the successful closing of a two
tenant, fully leased, income producing industrial property that was
previously announced on January 10, 2011 for a total purchase price of
The property is located at 9255 194th Street, Surrey, British Columbia, and has a total rentable area of
185,123 sq.ft. Located in the desirable Port Kells submarket, the
property is 100% leased to Sauder Industries and Masonite with a
weighted average lease term of 5.6 years. PIRET acquired this asset at
a favorable going-in cap rate of 6.44% and funded the acquisitions with
equity from the bought deal financing announced January 27, 2011 and
with a new first mortgage in the amount of $12,000,000 bearing an
interest rate of 4.62% with a term of seven years.
After completing this acquisition and as previously announced PIRET will
have completed more than $140 million in acquisitions since January
PIRET's units are listed on the TSX Venture Exchange under the symbol
AAR.UN. For more information on PIRET, visit our website at www.piret.ca.
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 industrial 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.
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:
Andrew Greig, 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