VANCOUVER, Feb. 24, 2012 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or "REIT") (TSXV: AAR.UN) today announced the successful completion of the purchase of a multi-tenant, income producing industrial property for a total purchase price of $22,125,000.
The property is located at 925 - 931 Brock Road in Pickering, Ontario, has a total rentable area of 325,680 square feet, and is situated on 20.08 acres. The property is leased to quality international and regional tenants and has six acres of additional land that will allow future expansion of the building by approximately 120,000 square feet.
PIRET acquired the property on an all cash basis and funded the acquisition with equity from the bought deal financing announced January 11, 2012 and completed on January 26, 2012. The REIT expects to finance the property within the next 30 days with a first mortgage of $14.4 million. The asset was acquired at an attractive capitalization rate of 8.0%.
After completing this transaction, PIRET's portfolio will total approximately 4.45 million square feet, with greater than 44% of the portfolio's gross leasable area in the Greater Toronto Area.
PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN.
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.
TSX Venture Exchange - AAR.UN
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
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