Pure Industrial Real Estate Trust Successfully Closes Previously Announced $44.1 Million Acquisition
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TSX - AAR.UN
VANCOUVER, Feb. 4, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful acquisition of a fully leased single-tenant, income producing industrial property for a purchase price of $44,100,000.
The property is located at 18111 Blundell Road, Richmond, British Columbia, has gross leasable area ("GLA") of 412,375 square feet and is situated on 26.3 acres of land. It was built in 2002 and is 100% leased to a national tenant on a fully net basis. PIRET acquired the property using cash from working capital and new mortgage financing representing 65% of the purchase price at an interest rate of 4.33% per annum for a term of 10 years. The asset was acquired at a going-in capitalization rate of 6.21%.
After completing the acquisition, PIRET's portfolio will total 88 properties with GLA of approximately 7.3 million square feet.
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 largest internally managed publicly traded REIT in Canada that offers investors exclusive exposure to Canada's industrial asset class.
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:
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