Pure Industrial Real Estate Trust Announces Successful Closing of Previously Announced Industrial Property for $4.25 Million

VANCOUVER, Aug. 9, 2012 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of 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 a total gross leasable area ("GLA") of 27,071 square feet on a 2.01 acre site, and is 100% leased to two strong regional tenants on a fully net basis.

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 7.96%.

After completing this transaction, PIRET's portfolio will total 72 properties with GLA of approximately 5.2 million square feet. The REIT's year-to-date acquisitions are summarized below:

                                 
Address     Municipality     GLA (sf)     Price
($million)
      Cap
Rate
    Occupancy
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, MB     112,300     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     45,170     2.70       8.00%     100%
12155 - 154th Street     Edmonton, AB     142,583     16.80       8.00%     100%
6800 Rexwood Road     Mississauga, ON     101,039     8.25       6.74%     100%
15 Turbo Drive     Edmonton, AB     27,071     4.25       7.96%     100%
            1,121,634     $ 94.21       7.51%     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 REIT 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.

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)




Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.