Pure Industrial Real Estate Trust Closes $70.2 Million Transaction
09 Giugno 2011 - 12:31AM
PR Newswire (Canada)
VANCOUVER, June 8, 2011 /CNW/ -- TSX Venture Exchange - AAR.UN
VANCOUVER, June 8, 2011 /CNW/ - 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. 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/08/c4190.html p
Andrew Greig,br/ Director of Investor Relations /p p bPure
Industrial Real Estate Trust (PIRET)/bbr/ 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"www.piret.ca/a /p
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