/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, March 19, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of four single-tenant industrial properties located in Delta, British Columbia, Crossfield, Alberta, Saskatoon, Saskatchewan, and Ajax, Ontario (the "East-West Portfolio") for $25.3 million, as referred to in its January 21, 2013 news release (the "January Release"). PIRET also announced its March 2013 distribution.
PIRET acquired four of the six single-tenant industrial properties comprising the East-West Portfolio as described in the January Release. The acquired properties forming part of the East-West Portfolio comprise an aggregate of 263,896 square feet of gross leasable area ("GLA") and are located at: 679 Aldford Avenue, Delta, British Columbia, 802 and 718 McCool Street, Crossfield, Alberta, 857 - 57th Street East, Saskatoon, Saskatchewan and 40 Mills Road, Ajax, Ontario. The East-West Portfolio is 100% leased to the vendor, a quality national tenant, with a lease term of 20 years.
PIRET acquired the properties for an aggregate purchase price of $25,326,000, with $22,793,400 paid in cash using proceeds from the bought deal financing that closed on February 12, 2013 and the issuance of 501,505 units (the "Issued Units"), which were issued at a deemed price of $5.05 per unit, representing $2,532,600 of the purchase price. The Issued Units were placed in escrow by the vendor to secure its obligations as tenant under the leases and will be released from escrow on the 10th anniversary of the closing of the acquisition, subject to compliance with the terms of the leases. PIRET intends to obtain new mortgage financing that represents approximately 65% of the aggregate purchase price as soon as practicable, which is expected to bear interest at the rate of not more than 3.70% per annum. The East-West Portfolio was acquired at a going-in capitalization rate of 8.13%.
After completing the acquisition, PIRET's portfolio will total 96 properties and approximately 8.1 million square feet of GLA, and PIRET now has 99,219,393 units issued and outstanding.
|PIRET's year-to-date acquisitions are summarized below:|
| # of
| Going In
|13055 80th Avenue||Surrey, BC||1||38,232||$||4.60||5.97%||100%|
|18111 Blundell Road||Richmond, BC||1||412,375||44.10||6.21%||100%|
|Edmonton Portfolio||Edmonton, AB||3||264,941||21.80||6.74%||100%|
|16111 Blundell Road||Richmond, BC||1||279,742||32.32||6.04%||100%|
PIRET today announced that its Board of Trustees has approved a cash distribution of $0.026 per trust unit for the month of March 2013 (equivalent to $0.312 per trust unit on an annualized basis). This distribution will be paid on April 15, 2013 to unitholders of record at the close of business on March 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.
About Pure Industrial Real Estate Trust
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 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:
Director of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959