Pure Industrial Real Estate Trust Announces Closing Of A Fully Leased Industrial Property For $9.8 Million

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, May 21, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of a single tenant, fully leased industrial property located in Halton Hills, Ontario for a total purchase price of $9.8 million.

The property is located at 11000 Steeles Avenue, Halton Hills, Ontario, has a gross leasable area ("GLA") of 123,750 square feet situated on 13.8 acres of land and is leased to a strong national tenant on a fully net basis. PIRET acquired the property at a going-in capitalization rate of 6.63% and funded the acquisition with equity from the bought deal financing that closed on February 12, 2013.

PIRET's 2013 year-to-date acquisitions are summarized below:

                 
Property/Portfolio Municipality
and Province
# of
Properties
GLA     Price
($million)
Going In
Cap Rate
Occupancy
13055 80th Avenue Surrey, BC 1 38,232   $        4.6 5.97% 100%
18111 Blundell Road Richmond, BC 1 412,375     44.1 6.21% 100%
Edmonton Portfolio Edmonton, AB 3 264,941     21.8 6.74% 100%
16111 Blundell Road Richmond, BC 1 279,742     32.3 6.04% 100%
East-West Portfolio Various 4 263,896     25.3 8.13% 100%
261106 Wagon Wheel 
    Crescent
Balzac, AB 1 58,772     8.9 7.07% 100%
GTA/ON Portfolio Various, ON 59 3,663,221     358.5 6.33%* 93.9%*
11000 Steeles Ave Halton Hills, ON 1 123,750     9.8 6.63% 100%
    71 5,104,929   $ 505.3 6.42% 95.6%


*  Stated occupancy and going in cap rate do not include premises leased under a head lease with the vendor.  Including the vendor head lease will result in an effective occupancy rate of 98.3%.

After completing the acquisition, PIRET's portfolio will be comprised of 157 properties representing approximately 12.0 million square feet of GLA.

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.

Additional information about PIRET is available at www.piret.ca or www.sedar.com.

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:

Andrew Greig,
Director of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: (604) 398-2836 or (888) 681-5959
E-mail: agreig@piret.ca

TSX - AAR.UN


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