Pure Industrial Real Estate Trust Closes $14.8 Million Previously-Announced Sale-Leaseback Transaction
29 Luglio 2010 - 10:36PM
PR Newswire (Canada)
VANCOUVER, July 29 /CNW/ -- VANCOUVER, July 29 /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 July 23rd, 2010 for a total purchase price of $14,800,000. The
tenant, Top-Co LP ("Top-Co"), has entered into a 20 year net
care-free lease with PIRET. Founded in 1963, Top-Co is a global
leader focused on the design and manufacture of high quality float
and mechanical oil and gas well cementing products. Situated on
7.78 acres, the property is a high quality 130,944 sq. ft. facility
located in the southeast industrial area of Edmonton, Alberta.
PIRET funded the acquisitions with equity from the bought deal
financing announced May 18, 2010 and a new first mortgage in the
amount of $9,620,000 bearing interest at a rate of 5.35%, and
maturing in 2020. The asset is being acquired at a favorable
going-in cap rate of 7.87%. After completing this acquisition, and
as previously announced, PIRET has completed more than $100 million
in acquisitions since January 2010. 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 both primary and
secondary 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. 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. Darren Latoski,
Acting Chief Executive Officer, 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, E-mail: agreig@piret.ca, www.piret.ca
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