VANCOUVER, April 12, 2012 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a fully leased single tenant, income producing industrial property for a total purchase price of $10,555,333.
The property is located at 2440 Winston Park Drive, in Oakville, Ontario, has a total rentable area of 94,988 square feet is situated on 5.074 acres and is LEED Silver certified. The property is 100% leased to a private pharmaceutical technology firm until February 2018.
PIRET acquired the property on an all cash basis and funded the acquisitions with equity from the bought deal financing announced January 25, 2012. The asset was acquired at an attractive capitalization rate of 6.75%.
After completing this transaction, PIRET's portfolio will total approximately 4.7 million square feet, with 36% of the properties located in the Greater Toronto Area.
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.
TSX Venture Exchange - AAR.UN
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) HAS REVIEWED OR ACCEPTS 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