VANCOUVER, Feb. 20, 2015 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced that it has successfully acquired a 51% interest in three properties located in North Carolina (the "Portfolio"), as referred to in its news release of February 9, 2015. The Portfolio was acquired for US$57 million, representing a going-in cap rate of 8.0%.
The Portfolio consists of three bulk distribution and warehouse facilities in the Greensboro/Winston-Salem markets of North Carolina. It comprises approximately 1.33 million square feet of gross leasable area and is 100% leased to three credit-rated tenants. The acquisition was funded with a US$29 million bridge loan facility, with PIRET funding approximately US$14.1 million from existing working capital for its share of the balance of the purchase price.
After completing the acquisition, PIRET's portfolio of assets under management will total 177 properties with 17.5 million square feet.
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
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SOURCE Pure Industrial Real Estate Trust (PIRET)
Image with caption: "3928 Westpoint Blvd, Winston-Salem, NC (CNW Group/Pure Industrial Real Estate Trust (PIRET))". Image available at: http://photos.newswire.ca/images/download/20150220_C6546_PHOTO_EN_12391.jpg
Image with caption: "6104 & 6105 Corporate Park Drive, Greensborough, NC (CNW Group/Pure Industrial Real Estate Trust (PIRET))". Image available at: http://photos.newswire.ca/images/download/20150220_C6546_PHOTO_EN_12392.jpg
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: email@example.com