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TSX - AAR.UN
VANCOUVER, Jan. 24, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful acquisition of a fully leased multi-tenant, income producing industrial property (the "Acquired Property") for a purchase price of $4,600,000 and the disposition of a single-tenant industrial property (the "Sold Property") for gross proceeds of $8,300,000.
The Acquired Property is located at 13055 80th Avenue, Surrey, British Columbia. It has gross leasable area ("GLA") of 38,232 square feet, was built in 1998 and is 100% leased to three regional tenants. PIRET acquired the property for $4,600,000, representing a price of $120 per square foot, on an all-cash basis using proceeds from the bought deal financing that closed on December 12, 2012. The asset was acquired at a going-in capitalization rate of 5.97%.
The Sold Property is located at 3500 Viking Way, Richmond, British Columbia. It has a GLA of 67,511 square feet and was built in 1980. PIRET sold the property for gross proceeds of $8,300,000, representing a price of $123 per square foot. PIRET acquired the asset in 2010 for $7,300,000.
Steve Evans, Co-CEO commented, "These transactions continue to illustrate management's ability to actively manage and upgrade our portfolio to maximize returns to our investors."
After completing these transactions, PIRET's portfolio will total 87 properties and approximately 6.9 million square feet.
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 largest internally managed publicly traded REIT in Canada that offers investors exclusive exposure to Canada's industrial asset class.
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
Pure Industrial Real Estate Trust
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959