Pure Industrial Real Estate Trust Internalizes Management
15 Giugno 2011 - 11:40PM
PR Newswire (Canada)
VANCOUVER, June 15, 2011 /CNW/ -- VANCOUVER, June 15, 2011 /CNW/ -
Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV:
AAR.UN) announced today the internalization of its asset and
business management, effective June 1, 2011, which had previously
been provided by Sunstone Industrial Advisors Inc. ("Sunstone
Industrial") pursuant to an Asset Management Agreement entered into
in July, 2007 upon the establishment of the REIT. Pursuant to the
terms of the Asset Management Agreement, Sunstone Industrial
provided PIRET with officers and employees and with advisory, asset
management and administrative services. Having recently reached a
market capitalization of $200,000,000, PIRET's Trustees have
determined that it would be beneficial to PIRET and its unitholders
to terminate the Asset Management Agreement and internalize
management. No fee is payable to Sunstone Industrial as a result of
the termination of the Asset Management Agreement. PIRET will enter
into employment agreements with the existing officers and senior
managers, who are currently employed by Sunstone Industrial. PIRET
also announced that the first phase of a three phase
internalization of property management commenced concurrently with
the completion of its purchase of a portfolio of twenty
income-producing industrial properties on June 8, 2011. To
date, PIRET has contracted property management to third party
property managers. The first phase of this internalization,
which is expected to be completed with in the next 60 days,
involves the internalization of property management for a select
number of PIRET's single-tenant properties and for certain
multi-tenant properties in the GTA. The remaining two phases, which
are expected to be completed by December 31, 2011, involve the
internalization of property management for PIRET's remaining
properties. 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
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Andrew Greig,br/ Director of Investor Relationsbr/ br/ 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/abr/ br/ TSX Venture
Exchange - AAR.UN /p
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