Pure Industrial Real Estate Trust Announces Agreement To Acquire Fully Leased Industrial Property For $4.25 Million
VANCOUVER, July 23, 2012 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced it has entered into an agreement to acquire a fully leased multi-tenant, income producing industrial property for a total purchase price of $4,250,000.
The property is located at 15 Turbo Drive, Edmonton, Alberta, has gross leasable area of 24,927 square feet on a 2.01 acre site, and is 100% leased to two strong regional tenants on a fully net basis. PIRET will fund the acquisition with equity from the bought deal financing that closed on March 1, 2012 and on or following closing, PIRET intends to place a new first mortgage on the property at a loan-to-value of 60% with an anticipated interest rate of no more than 3.85%.
The asset is expected to close within the month of August and will be acquired at a going-in capitalization rate of 7.93%. After completing this transaction, PIRET's portfolio will total approximately 5.2 million square feet.
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 REIT in Canada that offers investors exclusive exposure to Canada's industrial asset class.
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.
SOURCE Pure Industrial Real Estate Trust (PIRET)