Pure Industrial Real Estate Trust Closes $8.7 Million Previously-Announced Industrial Property Acquisition

Dec 06, 2010, 16:09 ET from Pure Industrial Real Estate Trust (PIRET)

VANCOUVER, Dec. 6 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a newly constructed, state-of-the-art multi tenant industrial facility that was previously announced on September 30th, 2010 for a purchase price of $8,700,000.

The facility, located at 1000 Thornton Road, Oshawa, was constructed in 2009, has modern and efficient shipping areas and a ceiling clear height of 28 feet.  The building is currently demised into five tenant premises.  All tenants are on long terms leases with strong financial covenants.

PIRET funded the acquisitions with equity from the bought deal financing announced October 20, 2010 and a new first mortgage in the amount of $5,220,000; bearing interest at a rate of 4.29% and maturing in 2015. The asset is being acquired at a favorable going-in cap rate of 7.93%. 

After completing this acquisition, and as previously announced, PIRET will have completed more than $130 million in acquisitions since January 2010.

PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN. For more information on PIRET, visit our website at www.piret.ca.

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. 

Additional information about PIRET is available at www.piret.ca or www.sedar.com.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE Pure Industrial Real Estate Trust (PIRET)