VANCOUVER, April 15 /PRNewswire-FirstCall/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a fully leased, single tenant, income producing industrial property for a total purchase price of $5,074,313.
The property is located at 80 Rooney Crescent in Moncton, New Brunswick, has a total rentable area of 81,180 sq.ft. and is located in the desirable Moncton Industrial Park. The property was acquired on a sale-leaseback basis and is 100% leased to Uni-Select, a publically traded (UNS-T) distributor of automotive parts, tools, accessories and supplies. Uni-Select has entered into a ten year net lease with PIRET.
PIRET acquired this asset at a favorable going-in cap rate of 8.0% and funded the acquisitions on an all cash basis with equity from the bought deal financing announced January 27, 2011.
After completing this acquisition and as previously announced, PIRET will have acquired more than 1.6 million square feet of income producing properties valued at more than $200 million 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.
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)