TSX Venture Exchange - AAR.UN
VANCOUVER, June 8, 2011 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful
closing of a portfolio of income producing industrial properties for a
total purchase price of $70,145,000
The portfolio consists of twenty properties, with a total rentable area
of 832,000 sq.ft., and is located in the Greater Toronto Area (80%),
Edmonton (16%) and Calgary (4%). The properties are located at major
industrial and transportation nodes, and consist of more than 46 acres
of land. The portfolio is 95% leased to quality tenants and was
acquired at a favorable going-in yield of 7.23%.
PIRET funded the acquisitions with equity from the bought deal financing
that closed on May 17, 2011 and with first mortgage financing of $24mm,
bearing an interest rate of 4.33% and maturing in five years, and by
assuming existing financing in the amount of $23mm.
"Our objective in 2011 is to continue to grow our holdings in the highly
stable light industrial segment in major Canadian markets." commented
Darren Latoski, Acting CEO for PIRET. "The addition of twenty quality
properties significantly expands the size and tenant diversification,
and enhances the quality and breadth of our portfolio and improves our
ability to produce stable and growing distributable income over the
long term. In addition, we are very pleased to have expanded our
presence in the GTA industrial market with this significant
After completing this acquisition and as previously announced, PIRET
will have acquired more than 3.6 million square feet of income
producing properties valued at more than $384 million since August
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 primary 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 www.sedar.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
For further information:
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