VANCOUVER, Feb. 2 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or
the "REIT") (TSXV: AAR.UN) today announced the successful closing of a
single tenant, income producing industrial property that was previously
announced on January 10th, 2011 for a total purchase price of
The property is located in Burnaby, British Columbia and is 100% leased
on a net, carefree basis to TFI TRANSPORT 2 L.P., a division of
TransForce Inc., a publically traded (TFI-T) transportation and
logistics firm with a market capitalization of $1.3 billion. The tenant
has entered into a fifteen year leaseback with PIRET, with contracted
rent escalations every five years.
The property, located at 7867 - 7890 Express Street, Burnaby, British
Columbia, is 183,000 sq.ft. and is situated on 27 acres. The facility
is an efficient and well located cross-dock distribution facility and
is being acquired at a favorable going-in cap rate of 7.07%. PIRET
funded the acquisition with equity from the bought deal financing that
closed on January 28th 2011 and a 10 year first mortgage of $26,000,000
bearing interest at a rate of 5.02 percent.
After completing this acquisition and as previously announced PIRET will
have completed more than $180 million in acquisitions since January
PIRET's units are listed on the TSX Venture Exchange under the symbol
AAR.UN. For more information on PIRET, visit our website at www.piret.ca.
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 vehicle in Canada that
offers investors exclusive exposure to Canada's industrial asset
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
For further information:
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