Pure Industrial Real Estate Trust Announces Agreement to Acquire Two Fully Leased Industrial Properties for $19.5 Million and C
16 Maggio 2012 - 2:21PM
PR Newswire (Canada)
VANCOUVER, May 16, 2012 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or the "REIT") today announced it has entered into an
agreement to acquire two fully leased, single tenant, income
producing industrial properties for a total purchase price of
$19,500,000. The properties are located at 515 Welham Road in
Barrie, Ontario and 12155 - 154(th) Street in Edmonton,
Alberta. The properties have a combined total rentable area
of 187,753 square feet and are 100% leased on a fully net basis for
20 years to a leading private designer and manufacturer of
specialized heavy equipment attachments for companies dedicated to
servicing the construction, resource, forestry and mining
industries. PIRET will acquire the properties 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 assets
post-closing with a new first mortgage of up to 65% of the purchase
price at an anticipated rate of no more than 3.80%. The
assets will be acquired at an attractive going-in capitalization
rate of 8.00%. PIRET also announced today the successful closing of
the $7,275,000 previously announced acquisition of the investment
property located at 230 Barmac Drive in North York, Ontario. This
single tenant property has a total rentable area of 118,225 square
feet and is 100% leased to a leading private distributor of apparel
that has been in business since 1954. PIRET acquired the
property on an all cash basis and funded the acquisition with
equity from the bought deal financing closed on March 1,
2012. PIRET will finance the asset post-closing with a new
first mortgage of up to 65% of purchase price at an anticipated
rate of no more than 3.80%. The asset was acquired at a going-in
capitalization rate of 6.50%. After completing these announced
transactions, PIRET's portfolio will total approximately 5.0
million square feet. The REIT's year-to-date acquisitions are
summarized below: Price Cap Address Municipality GLA (sf)
($million) Rate Occupancy 7830 Vantage Way Delta, BC 46,300 $ 4.5
6.50% 100% 925 - 931 Brock Road Pickering, ON 325,680 22.1 8.00%
93% 1345 Redwood Avenue Winnipeg, BC 112,340 9.7 7.76% 100% 2440
Winston Park Oakville, ON 94,988 10.5 6.75% 100% Drive 230 Barmac
Drive North York, ON 118,225 7.3 6.50% 100% 697,533 $ 54.1 7.39%
97% 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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