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VANCOUVER, March 26, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "Trust") (TSX: AAR.UN) today announced the successful closing of a multi-tenant industrial property located in Balzac, Alberta (the "Balzac Property") for a purchase price of $8,850,000.
The Balzac Property, located at 261106 Wagon Wheel Crescent, Balzac, Alberta, consists of a multi-tenant property comprising 58,772 square feet of gross leasable area ("GLA"). PIRET acquired the property at a going-in capitalization rate of 7.07% using proceeds from the bought deal financing that closed on February 12, 2013, and first mortgage financing representing approximately 68% of the purchase price. The mortgage financing bears an interest rate of 3.65% per annum for a term of 5 years.
After completing the acquisition, PIRET's portfolio will total 97 properties and approximately 8.2 million square feet of GLA. PIRET's year-to-date acquisitions are summarized below:
| # of
| Going In
|13055 80th Avenue||Surrey, BC||1||38,232||$ 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%|
| 261106 Wagon Wheel
Redemption of Restricted Units
PIRET also announces today the issuance of 41,662 Class A Units (the "Units") of the Trust as of March 22, 2013 to four trustees who exercised the right to redeem Restricted Units which vested under PIRET's Restricted Unit Plan on March 11, 2013. The Units were issued at a deemed redemption price of $5.21 per Unit for total value of $217,058.38.
After the issuance of the Units, PIRET has 99,261,055 Units issued and outstanding.
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