VANCOUVER, Aug. 4 /CNW/ - Precedence Homes Ltd. ("Precedence") announced
today that it has acquired 1,064,900 units ("Units") of Pure Industrial Real
Estate Trust ("PIRET") at a price of $1.85 per Unit through the facilities of
the TSX Venture Exchange, for an aggregate purchase price of $1,970,065.
Precedence is an affiliate of The Beedie Group, which is the largest private
landlord of industrial real estate in British Columbia.
As a result of this transaction, Precedence exercises control or
direction over an aggregate of 1,064,900 Units, representing approximately
13.6% of the issued and outstanding Units.
The Units have been acquired for investment purposes. In the future,
Precedence and its affiliates may increase or decrease their ownership in the
securities of PIRET depending on the business and prospects of PIRET as well
as market conditions.
The Beedie Group is a family-owned-and-operated real estate development
company that specializes in the design, construction and management of
industrial and commercial buildings. Since 1954, The Beedie Group has built
over 17 million square feet of industrial real estate across British Columbia,
and currently owns and operates a portfolio representing over 6 million square
feet of industrial buildings. In addition, The Beedie Group owns significant
land positions in major industrial locations in Metro Vancouver, the Fraser
Valley and Alberta.
For further information:
For further information: Precedence Homes Ltd., 3030 Gilmore Diversion,
Burnaby, British Columbia, V5G 3B4, www.beediegroup.ca