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VANCOUVER, May 12, 2014 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful sale of 90 Signet Drive in Toronto, ON and 50 Trowers Road in Vaughan, ON for an aggregate price of $6.1 million.
The property located at 90 Signet Drive is a multi-tenant industrial building constructed in 1970 with a total rentable area of 42,500 square feet and a clear height of 12 feet. The building was purchased as a part of a larger portfolio deal in June 2011. The 50 Trowers Road property, purchase as part of a portfolio deal that closed in May 2013, is a single-tenant building constructed in 1987 with a total rentable area of 16,382 square feet and a clear height of 18 feet. The two properties were acquired for an aggregate purchase price of $3.6 million.
The sale of these assets reflects PIRET's commitment to creating value for its unitholders through selective opportunistic dispositions of non-core assets.
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.
TSX – AAR.UN
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: 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@example.com