Pure Industrial Real Estate Trust Announces Disposition of Industrial Property For $6.1 Million
VANCOUVER, June 15, 2012 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) announced today it has sold the industrial property located at 4311 - 122nd Avenue SE in Calgary, Alberta to a private buyer for gross proceeds of $6,094,471.
PIRET acquired this property as part of a $70,145,000 portfolio on June 8, 2011. This single tenant industrial facility has a gross leasable area of 29,943 square feet.
"The purchase price is significantly above our acquisition cost and we believe this transaction demonstrates PIRET's ability to acquire quality assets at attractive pricing. This property disposition also illustrates management's ability to actively manage our portfolio to maximize returns to our investors over and above our accretive acquisition program." said Darren Latoski, Co-CEO of the REIT.
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.
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)