VANCOUVER, Jan. 8 /CNW/ - Pure Industrial Real Estate Trust ("PIRET")
(TSXV: AAR.UN) is pleased to announce the successful closing of the previously
announced sale of 509 44th Street East, in Saskatoon, Saskatchewan, at a sale
price of $625,000. This sale represents an approximate gain of $90,000, which
is a return on capital of 57%.
The sale of the Saskatoon asset represents a cap rate of 6.39%, which is
significantly lower than the 7.1% going in cap rate from the December 2007
acquisition. This sale price further illustrates management's ability to
purchase undervalued off-market real estate transactions at excellent price
On December 20th, 2008 PIRET renewed mortgage financing for the assets
located at 225 Quebec Street in Regina, Saskatchewan, and 90 Park Lane in
Winnipeg, Manitoba. Both mortgages are for one year terms in favour of
Canadian Western Bank at interest rates of 6.0 percent. These mortgages were
secured at lower interest rates than the December 2007 rates of 6.14 percent.
PIRET's units are listed on the TSX Venture Exchange under the symbol
AAR.UN. For more information on PIRET, visit our website at www.piret.ca.
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 both primary and secondary 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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
For further information:
For further information: Darren Latoski, Acting Chief Executive Officer;
Andrew Greig, Director of Investor Relations, Pure Industrial Real Estate
Trust (PIRET), Suite 910, 925 West Georgia Street, Vancouver, BC, V6C 3L2,
Phone: (604) 681-5959 or (888) 681-5959, E-mail: firstname.lastname@example.org,