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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.
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
TSX - AAR.UN
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