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TSX - AAR.UN
VANCOUVER, Jan. 24, 2013 /CNW/ - Pure Industrial Real Estate Trust
("PIRET") (TSX: AAR.UN) today announced the successful acquisition of a
fully leased multi-tenant, income producing industrial property (the
"Acquired Property") for a purchase price of $4,600,000 and the
disposition of a single-tenant industrial property (the "Sold
Property") for gross proceeds of $8,300,000.
The Acquired Property is located at 13055 80th Avenue, Surrey, British
Columbia. It has gross leasable area ("GLA") of 38,232 square feet, was
built in 1998 and is 100% leased to three regional tenants. PIRET
acquired the property for $4,600,000, representing a price of $120 per
square foot, on an all-cash basis using proceeds from the bought deal
financing that closed on December 12, 2012. The asset was acquired at a
going-in capitalization rate of 5.97%.
The Sold Property is located at 3500 Viking Way, Richmond, British
Columbia. It has a GLA of 67,511 square feet and was built in 1980.
PIRET sold the property for gross proceeds of $8,300,000, representing
a price of $123 per square foot. PIRET acquired the asset in 2010 for
Steve Evans, Co-CEO commented, "These transactions continue to
illustrate management's ability to actively manage and upgrade our
portfolio to maximize returns to our investors."
After completing these transactions, PIRET's portfolio will total 87
properties and approximately 6.9 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
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
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