Pure Industrial Real Estate Trust Secures Mortgage Financing of $12.3 Million
VANCOUVER, Aug. 16, 2012 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced that the REIT has successfully secured additional mortgage financing for $12,300,000.
PIRET obtained first mortgage financings of $10,620,000 and $1,680,000 on the properties at 12155 - 154th Street, Edmonton, Alberta and 515 Welham Road, Barrie, Ontario, respectively. The mortgages bear interest at 4.70% per annum over a term of 20 years. Including the new mortgages, PIRET's weighted average debt-to-maturity has been extended from 4.9 to 5.6 years.
Darren Latoski, Co-CEO of PIRET said, "This new 20 year mortgage financing further illustrates our goal of predictability of cash flow through long term debt maturities. We will continue to actively manage our cash requirements to achieve the Trust's short- and long-term objectives."
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 largest 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)
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