VANCOUVER, June 16, 2014 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced that it has completed the expansion project for ContainerWorld Forwarding Services Inc. ("ContainerWorld") ahead of schedule.
The expansion project, previously announced on August 6, 2013, expanded the existing industrial property located at 16133 Blundell Road, Richmond, British Columbia by 151,200 square feet. The expanded facility now totals 635,600 square feet, and represents one of the largest single industrial properties in Greater Vancouver.
PIRET expanded the property in partnership with Hopewell Development, which originally developed the site in 2008. The total project completed at a cost of $13.9 million, funded by a construction loan representing approximately 65% of the total project costs and the remaining with PIRET's working capital. PIRET acquired the properties located at 16131 and 16133 Blundell Road, Richmond in December, 2012, for an aggregate purchase price of $102.5 million. The expansion has been an accretive exercise for the portfolio immediately increasing the value of the property.
Kevan Gorrie, PIRET's President and Co-CEO commented, "Our completion of the ContainerWorld expansion project further demonstrates our ability to add value to our existing portfolio through development and intensification projects. We're very pleased and excited to grow our relationship with a market leading tenant, and to expand one of the highest-quality distribution facilities in Western Canada."
Pure Industrial Real Estate Trust also announced today that its Board of Trustees has approved a cash distribution of $0.026 per trust unit for the month of June 2014 (equivalent to $0.312 per trust unit on an annualized basis). This distribution will be paid on July 15, 2014 to unitholders of record at the close of business on June 30, 2014.
The policy of PIRET is to pay cash distributions on or about the 15th day of each month to the unitholders of record on the last business day of the preceding month.
PIRET units are listed on the TSX under the symbol AAR.UN. PIRET currently has 150,655,770 units issued and outstanding.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
TSX – AAR.UN
Certain statements contained in this press release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by PIRET, including: expectations and assumptions concerning receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the property acquistions.
Although PIRET believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PIRET can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the property acquisitions, competitive factors in the industries in which PIRET operates, prevailing economic conditions, and other factors, many of which are beyond the control of the PIRET.
The forward-looking statements contained in this press release represent PIRET's expectations as of the date hereof, and are subject to change after such date. PIRET disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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SOURCE Pure Industrial Real Estate Trust (PIRET)