Pure Industrial Real Estate Trust Announces Successful Closing of an Industrial Property for $20.4 Million

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

VANCOUVER, Sept. 26, 2014 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of an industrial property (the "Property") for $20,444,734, representing a going-in cap rate of approximately 7.76%. The Property is the last pending asset of the 11 property portfolio, the purchase of which PIRET previously announced on June 18, 2014. 

The Property is located beside the Montreal Pierre Elliott Trudeau International Airport with a total rental area of 106,263 square feet ("GLA") and is 100% leased to a multi-national tenant. The property has a remaining lease term of approximately 10 years.

PIRET funded the acquisition using cash from its public offering that closed on June 27, 2014.  Details of the portfolio announced on June 18, 2014, are as follows:

City / State

GLA (sq. ft)

Date Built

Lease Expiration

Income Producing Properties

City of Industry, CA

211,495

2007

Jun-2022

West Palm Beach, FL

119,165

2007

May-2025

Newton, NC

141,432

2010

Aug-2023

Barrington, NJ

196,227(1)

2006

Jul-2025

Dover, NJ

171,907

2010

Jun-2024

Montreal, QC

106,263

2007

Aug 2024

Subtotal

946,489



Properties Under Development

Rock Island, IL

189,926

Nov 2014

Oct-2024

Wheeling, IL

147,082

Aug 2014

Jul-2024

Baton Rouge, LA

175,374

Feb 2015

Jan-2025

Austin, TX

199,865

Jan 2015

Jan-2025

San Antonio, TX

202,763

Feb 2015

Jan-2025

Subtotal

915,010



Total Closed

1,861,499



Note:


(1) 

Represents the current GLA. The property will be expanded to comprise 259,227 square feet of GLA.

The expansion is expected to be completed in 2015.

 

After completing the acquisition of the Portfolio, PIRET's portfolio will be comprised of 170 properties representing approximately 15.9 million square feet of GLA.

About Pure Industrial Real Estate Trust

PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.

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

TSX – AAR.UN

Forward-Looking Information:

Certain statements contained in this press release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements in this news release include that the expansion of the property in Barrington, NJ is expected to be completed in 2015. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by PIRET, including: expectations and assumptions concerning receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the property acquistions, and the vendor's ability to complete the expansion as currently planned.

Although PIRET believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PIRET can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the property acquisitions, competitive factors in the industries in which PIRET operates, prevailing economic conditions, and other factors, many of which are beyond the control of the PIRET.

The forward-looking statements contained in this press release represent PIRET's expectations as of the date hereof, and are subject to change after such date. PIRET disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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

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www.piret.ca

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Pure Industrial Real Estate Trust (PIRET)

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