VANCOUVER, Oct. 30 /CNW/ - Pure Industrial Real Estate Trust ("PIRET")
(TSXV: AAR.UN) today announced that it has entered into an agreement to
acquire a 108,000 square foot industrial facility. The property, located at
2705-2737 57th Avenue, in Calgary, Alberta, is situated on 5.5 acres located
in the Foothills Industrial Park.
The total purchase price of $8.2 million represents an initial unlevered
return ("capitalization rate") of 7.0% and a blended capitalization rate of
7.3% over the term of the lease.
"This second off-market transaction reinforces PIRET's position as an
emerging and strategic buyer of industrial real estate assets. Combined with
the existing properties and the acquisition announced on October 18th, this
transaction will increase PIRET's Calgary portfolio to 5 properties. We
continue to source and evaluate high quality industrial properties in the
strong and growing industrial centres across Canada," stated Steve Evans,
acting COO and Trustee for PIRET.
PIRET believes that, upon closing, this acquisition will be immediately
accretive to cash flow on a per unit basis. The transaction is expected to
close in November 2007 utilizing existing cash and credit facilities.
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 both primary and secondary 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.
Additional information about PIRET is available at www.piret.ca or
Certain statements in this press release may constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. When used in this press release, such statements often use, but
are not limited to, such words as "may", "will", "expect", "should",
"believe", "intend", "plan", "anticipate", "potential", and other similar
terminology. These statements reflect current expectations of management
regarding future events and operating performance and speak only as of the
date of this press release. Forward-looking statements involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate indications of
whether or not such results will be achieved. A number of factors could cause
actual results to differ materially from the results discussed in the
forward-looking statements, including, but not limited to, the following
factors: competitive and economic environment, the results of due diligence
inquiries and negotiation of acquisition documents, impact of changes to tax
treatment of income trusts or dividend tax credits, foreign exchange,
seasonality, inability to close or realize accretive benefits from
acquisitions, fluctuation of cash distributions and nature of trust units.
Although the forward-looking statements contained in this press release are
based upon what PIRET's management believes to be reasonable assumptions,
PIRET cannot assure investors that actual results will be consistent with
these forward-looking statements. These forward-looking statements are made as
of the date of this press release and PIRET assumes no obligation to update or
revise them to reflect new events or circumstances.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
For further information:
For further information: Steve Evans, Trustee; Andrew Greig, 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@example.com, www.piret.ca