Pure Industrial Real Estate Trust Announces Successful Closing of Four Industrial Properties for $72 Million and Announces June Distribution
18 Jun, 2013, 19:36 ET
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VANCOUVER, June 18, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of four industrial properties (the "Calgary Portfolio"), comprised of two single-tenant and two multi-tenant properties, located in Calgary, Alberta for a total purchase price of $72 million. The purchase price reflects a value of approximately $100 per square foot and a going-in capitalization rate of approximately 5.91%.
The properties are located at 5820 - 5870 - 48th Street SE, 5805 - 5885 - 51st Street SE, 19 Aero Drive NE, and 21 Aero Drive NW, with a combined gross leasable area ("GLA") of 720,434 square feet. The Calgary Portfolio is 100% leased to high quality multinational, national and regional tenants on a fully net basis with a weighted average rent of $5.85 per square foot. PIRET funded the acquisition with equity from the bought deal financing that closed on May 1, 2013 and new mortgage financing representing 65% of the purchase price at an interest rate of 4.42% per annum for a term of 10 years.
PIRET's 2013 year-to-date acquisitions are summarized below:
| Number of
| Going In
|13055 80th Avenue||Surrey, BC||1||38,232||$||4.6||5.97%||100%|
|18111 Blundell Road||Richmond, BC||1||412,375||44.1||6.21%||100%|
|Edmonton Portfolio||Edmonton, AB||3||264,941||21.8||6.74%||100%|
|16111 Blundell Road||Richmond, BC||1||279,742||32.3||6.04%||100%|
|261106 Wagon Wheel Crescent||Balzac, AB||1||58,772||8.9||7.07%||100%|
|GTA/ON Portfolio||Various, ON||59||3,663,221||358.5||6.33%*||93.9%*|
|11000 Steeles Avenue||Halton Hills, ON||1||123,750||9.8||6.63%||100%|
|Calgary Portfolio||Calgary, AB||4||720,434||72.0||5.91%||100%|
|*||Stated occupancy and going in cap rate do not include premises leased under a head lease with the vendor. Including the vendor head lease will result in an effective occupancy rate of 98.3%.|
As a result of the acquisition, PIRET's portfolio now totals 161 properties and approximately 12.68 million square feet.
PIRET today announced that its Board of Trustees has approved a cash distribution of $0.026 per Class A unit (a "Unit") for the month of June 2013 (equivalent to $0.312 per Unit on an annualized basis). This distribution will be paid on July 15, 2013 to unitholders of record at the close of business on June 28, 2013.
The policy of PIRET is to pay cash distributions on or about the 15th day of each month to the unitholders of record on the last business day of the preceding month.
PIRET's Units are listed on the TSX under the symbol AAR.UN. PIRET currently has 135,716,055 Units issued and outstanding.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that acquires, owns and operates a diversified portfolio of income-producing industrial properties in primary markets across Canada. PIRET focuses exclusively on investing in industrial properties and is the largest internally managed 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.
The Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE: Pure Industrial Real Estate Trust (PIRET)
For further information:
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]
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