Pure Industrial Real Estate Trust Successfully Closes Previously Announced $32.3 Million Acquisition And Agrees To Mortgage Terms for Previous Acquisitions
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VANCOUVER, Feb. 20, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of one multi-tenant income producing industrial property for a total purchase price of $32,320,000.
The property is located at 16111 Blundell Road, Richmond, British Columbia. The property has a gross leasable area ("GLA") of 279,742 square feet and is 100% leased.
PIRET acquired the property using equity from the bought deal financing that closed on February 12, 2013, and mortgage financing in an amount representing approximately 68% of the purchase price. The mortgage bears interest at the rate of 3.90% per annum for a term of 7 years. The property was acquired at a going-in capitalization rate of 6.04%.
After completing the acquisition, PIRET's portfolio will total 92 properties with a GLA of approximately 7.85 million square feet.
PIRET also announced today that it has agreed to mortgage terms for three previously acquired properties. The properties, located at 11307 and 11329 - 166A Street NW, 12900 - 148th Street NW and 11415 - 168th Street NW, in Edmonton, Alberta, were acquired on February 14, 2013 for a total purchase price of $21,800,000. The mortgage financing, which is expected to close on February 21, 2013, will be in the total amount of $12,985,000, representing approximately 60% of the purchase price. The mortgages will bear interest at the rate of 4.20% per annum for a term of 10 years.
About Pure Industrial Real Estate Trust
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.
TSX - AAR.UN
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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