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 $4,250,000.
The property is located at 15 Turbo Drive, Edmonton, Alberta, has a total gross leasable area ("GLA") of 27,071 square feet on a 2.01 acre site, and is 100% leased to two strong regional tenants on a fully net basis.
PIRET acquired the property on an all cash basis and funded the acquisition with equity from the bought deal financing that closed on March 1, 2012. The asset was acquired at a going-in capitalization rate of 7.96%.
After completing this transaction, PIRET's portfolio will total 72 properties with GLA of approximately 5.2 million square feet. The REIT's year-to-date acquisitions are summarized below:
|7830 Vantage Way||Delta, BC||46,300||$ 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%|
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.
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)