VANCOUVER, Oct. 1, 2015 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) provides an update on recent developments related to Advance Engineered Products Ltd.'s ("Advance"), PIRET's tenant, proceedings under the Companies' Creditors Arrangement Act (the "CCAA"). As of September 30, 2015, Advance continued to operate in the space leased from PIRET, which comprised six leases with 19.9 years of average lease term remaining and represented 2.1% of PIRET's revenue as of June 30, 2015. All lease payments due from Advance as of September 30, 2015 have been received by PIRET. Effective October 1, 2015, pursuant to the CCAA proceedings Advance's interest in the six leases were transferred to Advance Engineered Products Ltd., formerly 9369058 Canada Inc., which will continue as tenant on substantially the same terms as Advance, except that the average lease term remaining will be 9.1 years.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
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SOURCE Pure Industrial Real Estate Trust (PIRET)
For further information: Andrew Greig, Director of Investor Relations, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 398-2836 or (888) 681-5959, E-mail: [email protected]