VANCOUVER, Feb. 1, 2012 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful completion of the purchase of a single tenant, fully leased income producing industrial property for a total purchase price of $4,450,000.
The property is located in the Greater Vancouver Area at 7830 Vantage Way, Delta, British Columbia, has a total rentable area of 46,300 square feet and is situated on 2.12 acres. The property is 100% leased until September, 2016 to Zodiac Hurricane Technologies Inc., an international manufacturer of military and commercial grade boats.
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 asset was acquired at a capitalization rate of 6.50%.
After completing this transaction, PIRET's portfolio will total approximately 4.2 million square feet, with greater than 16% of the portfolio's gross leasable area in the Greater Vancouver 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.
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THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
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
E-mail: [email protected]