Pure Industrial Real Estate Trust Announces Agreement to Acquire a Fully Leased Industrial Property for $7.28 Million
30 Aprile 2012 - 5:42AM
PR Newswire (Canada)
VANCOUVER, April 30, 2012 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or the "REIT") today announced it has entered into an
agreement to acquire a fully leased single tenant, income producing
industrial property for a total purchase price of $7,275,000. The
property is located at 230 Barmac Drive, in North York, Ontario,
has a total rentable area of 118,225 square feet and is 100% leased
to a leading private distributor of apparel that has been in
business since 1954. PIRET will acquire the property on an all cash
basis and fund the acquisition with equity from the bought deal
financing closed on March 1, 2012. PIRET will finance the
asset post-closing with a new first mortgage of up to 65% of
purchase price at an anticipated rate of no more than 3.80%. The
asset will be acquired at a going-in capitalization rate of 6.50%.
After completing this transaction, PIRET's portfolio will total
approximately 4.8 million square feet, with 38% of the properties
located in the Greater Toronto Area. 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. TSX Venture Exchange - AAR.UN 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 THE ADEQUACY OR THE ACCURACY
OF THIS RELEASE. Pure Industrial Real Estate Trust (PIRET) CONTACT:
Andrew Greig,Director of Investor RelationsPure Industrial Real
Estate Trust (PIRET)Suite 910, 925 West Georgia StreetVancouver, BC
V6C 3L2Phone: (604) 681-5959 or (888) 681-5959E-mail:
agreig@piret.cawww.piret.ca
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