Pure Industrial Real Estate Trust Announces Agreement To Acquire Fully Leased Industrial Property For $8.1 Million
VANCOUVER, May 17, 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 $8,100,000.
The property is located at 2030 Notre Dame Avenue in Winnipeg, Manitoba, has a total rentable area of 108,238 square feet, and is 100% leased to three strong national and regional tenants on a triple net basis. PIRET will fund the acquisition with equity from the bought deal financing that closed on March 1, 2012 and through the assumption a new first mortgage representing 62.3% of the purchase price at an interest rate of 3.975%.
The asset will be acquired at an attractive going-in capitalization rate of 7.8%. After completing this transaction, and the previously announced acquisitions, PIRET's portfolio will total 71 assets with approximately 5.1 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 vehicle in Canada that offers investors exclusive exposure to Canada's industrial asset class.
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)
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