Pure Industrial Real Estate Trust Announces Closing of Previously Announced Agreements For Three Fully Leased Industrial Proper
09 Giugno 2012 - 1:25PM
PR Newswire (Canada)
VANCOUVER, June 11, 2012 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or the "REIT") announced today the successful closing of
agreements for three fully leased, income producing industrial
properties for an aggregate purchase price of $27,600,000. The REIT
successfully closed the previously announced $19,500,000
acquisition of 515 Welham Road in Barrie, Ontario and 12155 - 154th
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 acquired the properties
on an all cash basis and funded the acquisition with equity from
the bought deal financing that closed on March 1, 2012. PIRET
will finance the assets post-closing with long-term debt
commensurate with the tenants' lease terms and in an amount
representing up to 65% of the purchase price. The assets were
acquired at an attractive going-in capitalization rate of 8.00%.
PIRET also successfully closed the previously announced $8,100,000
acquisition of 2030 Notre Dame Avenue in Winnipeg,
Manitoba. The property has a total rentable area of
108,238 square feet and is situated on a 6.25 acre site. It
is 100% leased on a fully net basis to three quality regional and
national tenants. PIRET acquired the property on an all cash
basis and funded the acquisition with equity from the bought deal
financing that closed on March 1, 2012. The asset was
acquired at a going-in capitalization rate of 7.68%. PIRET
will assume the existing debt that represents 62% of the purchase
price at an interest rate of 3.975% per annum. After completing
these and other previously announced transactions, PIRET's
portfolio will total approximately 5.2 million square feet. The
REIT's year-to-date acquisitions are summarized below: Price Cap
Address Municipality GLA (sf) ($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 Drive Oakville, ON
94,988 10.5 6.75% 100% 230 Barmac Drive North York, ON 118,225 7.3
6.50% 100% 2030 Notre Dame Avenue Winnipeg, MB 108,238 8.1 7.68%
100% 515 Welham Road Barrie, ON 45,170 2.7 8.00% 100% 12155 - 154th
Street Edmonton, AB 142,583 16.8 8.00% 100% 993,524 $ 81.7 7.56%
98% 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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