Pure Industrial Real Estate Trust Announces Closing of Previously Announced Fully Leased Industrial Property For $8.25 Million and Redemption of Restricted Units
VANCOUVER, June 29, 2012 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) announced today the successful closing of a fully leased single tenant, income producing industrial property for a total purchase price of $8,250,000.
The property is located at 6800 Rexwood Road in Mississauga, ON, has a total gross leasable area ("GLA") of 101,039 square feet and is situated on a 4.44 acre site. It is 100% leased on a fully net basis to a strong regional food distribution tenant.
PIRET acquired the property on an all cash basis and funded the acquisition with funds from the bought deal equity financing that closed on March 1, 2012. PIRET will finance the asset post-closing with a new first mortgage of up to 65% of purchase price at an anticipated rate of no more than 3.80%. The asset was acquired at a going-in capitalization rate of 6.74% excluding any management or administration fees.
After completing this transaction, PIRET's portfolio will total 71
properties with GLA of 5.1 million square feet. The REIT's year-to-date
acquisitions are summarized below:
|7830 Vantage Way||Delta, BC||46,300||$ 4.45||6.50%||100%|
|925 - 931 Brock Road||Pickering, ON||325,680||22.13||8.00%||93%|
|1345 Redwood Avenue||Winnipeg, BC||112,340||9.70||7.76%||100%|
|2440 Winston Park Drive||Oakville, ON||94,988||10.56||6.75%||100%|
|230 Barmac Drive||North York, ON||118,225||7.27||6.50%||100%|
|2030 Notre Dame Avenue||Winnipeg, MB||108,238||8.10||7.68%||100%|
|515 Welham Road||Barrie, ON||45,217||2.70||8.00%||100%|
|12155 - 154th Street||Edmonton, AB||138,964||16.80||8.00%||100%|
|6800 Rexwood Road||Mississauga, ON||101,039||8.25||6.74%||100%|
Redemption of Restricted Units
PIRET also announces today the issuance of 18,357 Class A Units (the "Units") of the REIT as of June 28, 2012 to a trustee who exercised the right to redeem Restricted Units which vested under PIRET's Restricted Unit Plan on March 6, 2012. The Units were issued at a redemption price of $4.64 per Unit for total value of $85,176.48.
After the issuance of the Units, PIRET has 66,483,054 Units issued and outstanding.
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.
Director of Investor Relations
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)