Pure Industrial Real Estate Trust Closes $70.2 Million Transaction |
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By: piret.ca Posted: 2011-06-08 20:56:43 |
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VANCOUVER, June 8, 2011 - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a portfolio of income producing industrial properties for a total purchase price of $70,145,000
The portfolio consists of twenty properties, with a total rentable area of 832,000 sq.ft., and is located in the Greater Toronto Area (80%), Edmonton (16%) and Calgary (4%). The properties are located at major industrial and transportation nodes, and consist of more than 46 acres of land. The portfolio is 95% leased to quality tenants and was acquired at a favorable going-in yield of 7.23%. PIRET funded the acquisitions with equity from the bought deal financing that closed on May 17, 2011 and with first mortgage financing of $24mm, bearing an interest rate of 4.33% and maturing in five years, and by assuming existing financing in the amount of $23mm. "Our objective in 2011 is to continue to grow our holdings in the highly stable light industrial segment in major Canadian markets." commented Darren Latoski, Acting CEO for PIRET. "The addition of twenty quality properties significantly expands the size and tenant diversification, and enhances the quality and breadth of our portfolio and improves our ability to produce stable and growing distributable income over the long term. In addition, we are very pleased to have expanded our presence in the GTA industrial market with this significant acquisition." After completing this acquisition and as previously announced, PIRET will have acquired more than 3.6 million square feet of income producing properties valued at more than $384 million since August 2007. 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 class. |
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