Pure Industrial Real Estate Trust Successfully Closes Previously Announced Acquisition of Five Industrial Properties for $48 Million

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

VANCOUVER, Sept. 28, 2012 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSX: AAR.UN) today announced the successful closing of agreements for five fully leased single tenanted, income producing industrial properties for an aggregate purchase price of $48,000,000.

The properties are located at 10501 Barlow Trail SE, Calgary, Alberta; 12311 - 17th Street NE, Edmonton,  Alberta; 30 - 53016 Highway 60, Acheson, Alberta; 15602 - 94th Street, Grande Prairie, Alberta; and 13511 Vulcan Way, Richmond, British Columbia (collectively, the "Western Portfolio"). The properties have a combined gross leasable area ("GLA") of 237,141 square feet with approximately 80 acres of land and are 100% leased on a fully net basis for 20 years to one of the largest integrated oil and gas environmental services company in North America. PIRET acquired the portfolio with equity from the bought deal financing that closed on September 12, 2012 and with new mortgages that represent 65% of the purchase price at an interest rate of 4.00% per annum over a 10 year term. The assets were acquired at a going-in capitalization rate of 7.10%.

After completing this transaction, PIRET's portfolio will total 77 properties with GLA of approximately 5.4 million square feet. The REIT's year-to-date acquisitions are summarized below:

             
Address Municipality
and Province
# of
Properties
GLA
(sf)
Price
($million)
Going In
Cap Rate
Occupancy
7830 Vantage Way Delta, BC 1 46,300 $    4.45 6.50% 100%
925 - 931 Brock Road Pickering, ON 2 325,680 22.12 8.00% 93%
1345 Redwood Avenue Winnipeg, MB 1 112,340 9.70 7.76% 100%
2440 Winston Park Drive Oakville, ON 1 94,988 10.56 6.75% 100%
230 Barmac Drive North York, ON 1 118,225 7.28 6.50% 100%
515 Welham Road Barrie, ON 1 45,217 2.67 8.00% 100%
12155 - 15th Street Edmonton, AB 1 138,964 16.83 8.00% 100%
2030 Notre Dame Avenue Winnipeg, MB 1 108,238 8.10 7.68% 100%
6800 Rexwood Road Mississauga, ON 1 101,039 8.25 6.74% 100%
15 Turbo Drive Edmonton, AB 1 27,071 4.25 7.96% 100%
The Western Portfolio Alberta & BC 5 237,141 48.00 7.10% 100%
    16 1,355,203 $ 142.21 7.37% 98%

PIRET's Units are listed on the TSX under the symbol AAR.UN. The REIT's press release dated September 18, 2012 incorrectly stated its issued and outstanding Units. PIRET currently has 73,403,154 Units issued and outstanding.

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.

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

Pure Industrial Real Estate Trust
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
E-mail: agreig@piret.ca

TSX - AAR.UN


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