PURE INDUSTRIAL REAL ESTATE TRUST ANNOUNCES $132.5 MILLION OF PROPERTY ACQUISITIONS, $52.0 MILLION EQUITY FINANCING AND THE CLOS
28 Aprile 2011 - 11:02PM
PR Newswire (Canada)
VANCOUVER, April 28 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, April 28 /CNW/ - Pure Industrial Real Estate Trust
(TSXV: AAR.UN) ("PIRET" or the "REIT") announced today that it has
entered into agreements to acquire $132.5 million of income
producing properties (the "Acquisitions"), consisting of 24
industrial buildings representing approximately 1,408,294 square
feet of gross leasable area ("GLA"). The Acquisitions consist of a
group of 20 properties located in Ontario and Alberta (the "Ontario
and Alberta Properties"), an individual property in Edmonton,
Alberta (the "70th Street Property"), an individual property in
Winnipeg, Manitoba (the "Inkster Blvd. Property") and two
properties in Oakville, Ontario (the "Winston Park Drive
Properties"). The properties are being acquired at a weighted
average going-in capitalization rate of 7.15%. PIRET has also
entered into an agreement to sell to a syndicate of underwriters
led by Canaccord Genuity Corp. and Dundee Securities Corporation
(the "Underwriters"), on a bought deal basis, 12,700,000 trust
units ("Units") at a price of $4.10 per Unit for gross proceeds to
PIRET of approximately $52.0 million (the "Financing"). PIRET has
also granted the Underwriters an over-allotment option to purchase
up to an additional 1,905,000 Units on the same terms and
conditions, exercisable at any time, in whole or in part, up to 30
days after the closing of the Financing. The Financing is expected
to close on or about May 17, 2011 and is subject to regulatory
approval. The use of proceeds from the Financing will be used to
fund the Acquisitions, repayment of debt and generate corporate
purposes. The Ontario and Alberta Properties are located throughout
the provinces of Ontario and Alberta and represent approximately
831,923 square feet of GLA. The Ontario and Alberta Properties are
95% leased to high quality national and regional tenants with a
weighted average lease term of approximately 4.6 years. The
aggregate purchase price for the Ontario and Alberta Properties is
approximately $71.7 million, including an allowance for future
capital costs. The 70th Street Property represents approximately
138,633 square feet of GLA and is 100% leased to high quality
national and regional tenants with a weighted average lease term of
approximately 5.5 years. The aggregate purchase price for the 70th
Street Property is approximately $28.8 million. The Inkster Blvd.
Property represents approximately 265,843 square feet of GLA and is
100% leased to high quality national and regional tenants with a
weighted average lease term of approximately 3.8 years. The
aggregate purchase price for the Inkster Blvd. Property is
approximately $15.5 million. The Winston Park Drive Properties
represent approximately 171,895 square feet of GLA and are 100%
leased to high quality national and regional tenants with a
weighted average lease term of approximately 2.1 years. The
purchase price for the Winston Park Drive Properties is
approximately $16.7 million. The purchase price of the acquisitions
is expected to be settled with the proceeds of the Financing and
approximately $87.4 million of mortgage financing bearing an
anticipated weighted average interest rate of 4.61%. Darren
Latoski, Acting CEO of PIRET, said "PIRET is continuing to execute
on its accretive growth strategy by acquiring high quality, well
tenanted industrial properties across Canada. The Acquisitions
increase PIRET's property portfolio GLA by 53%. PIRET
continues to take advantage of its well-established pipeline of
acquisition opportunities and strengthen its status as Canada's
only publicly traded REIT focused exclusively on industrial real
estate." PIRET is also pleased to announce that it has closed the
acquisition of an industrial property located in Delta, British
Columbia (the "Delta Property"). The Delta Property
represents approximately 73,396 square feet of GLA and is 100%
leased to high quality regional tenant with a lease term of
approximately 17 years. The purchase price for the Delta Property
is approximately $9.3 million, which represents a going-in
capitalization rate of 6.74%. The purchase price of the Delta
Property was settled with approximately $4.3 million of mortgage
financing bearing an interest rate of 5.9%, and PIRET's existing
operating facility. Immediately following the completion of the
Acquisitions, including the acquisition of the Delta Property,
PIRET's portfolio will comprise 63 properties, which represent
approximately 4.1 million square feet of GLA. PIRET's
portfolio (by GLA) will be diversified across Canada with 15% in
British Columbia, 25% in Alberta, 4% in Saskatchewan, 10% in
Manitoba, 38% in Ontario, 5% in Quebec and 3% in New Brunswick.
********* 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 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. Forward-Looking Information: Certain
statements contained in this news release may constitute
forward-looking statements. Forward-looking statements are
often, but not always, identified by the use of words such as
"anticipate", "plan", "expect", "may", "will", "intend", "should",
and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. Forward
looking statements in this news release include that the Financing
is expected to close on or about May 17, 2011 and that the purchase
price of the Acquisitions is expected to be settled with the
proceeds of the Financing. The forward-looking statements
contained in this news release are based on certain key
expectations and assumptions made by the REIT, including:
expectations and assumptions concerning receipt of required
regulatory approvals and the satisfaction of other conditions to
the completion of and use of proceeds from the Financing. Although
the REIT believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements
because the REIT can give no assurance that they will prove to be
correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the
failure to obtain necessary regulatory approvals or satisfy the
conditions to closing the Financing, competitive factors in the
industries in which the REIT operates, prevailing economic
conditions, and other factors, many of which are beyond the control
of the REIT. The forward-looking statements contained in this news
release represent the REIT's expectations as of the date hereof,
and are subject to change after such date. The REIT disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities
regulations. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (as that term is defined in the policies of the
TSX Venture Exchange) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR
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p align="justify" Andrew Greig, Director of Investor Relations /p p
align="justify" Pure Industrial Real Estate Trustbr/ Suite 910, 925
West Georgia Streetbr/ Vancouver, BC V6C 3L2br/ Phone: (604)
681-5959 or (888) 681-5959br/ E-mail: a
href="mailto:agreig@piret.ca"agreig@piret.ca/abr/ a
href="http://www.piret.ca" cr="true"www.piret.ca/a /p
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