VANCOUVER, July 23, 2012 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN)
today announced it has entered into an agreement to acquire a fully
leased multi-tenant, income producing industrial property for a total
purchase price of $4,250,000.
The property is located at 15 Turbo Drive, Edmonton, Alberta, has gross
leasable area of 24,927 square feet on a 2.01 acre site, and is 100%
leased to two strong regional tenants on a fully net basis. PIRET will
fund the acquisition with equity from the bought deal financing that
closed on March 1, 2012 and on or following closing, PIRET intends to
place a new first mortgage on the property at a loan-to-value of 60%
with an anticipated interest rate of no more than 3.85%.
The asset is expected to close within the month of August and will be
acquired at a going-in capitalization rate of 7.93%. After completing
this transaction, PIRET's portfolio will total approximately 5.2
million square feet.
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 REIT in Canada that offers investors
exclusive exposure to Canada's industrial asset class.
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
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.
SOURCE: Pure Industrial Real Estate Trust (PIRET)
For further information:
Director of Investor Relations
Pure Industrial Real Estate Trust
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959