VANCOUVER, April 30, 2012 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced it has entered into an agreement to acquire a fully leased single tenant, income producing industrial property for a total purchase price of $7,275,000.
The property is located at 230 Barmac Drive, in North York, Ontario, has a total rentable area of 118,225 square feet and is 100% leased to a leading private distributor of apparel that has been in business since 1954. PIRET will acquire the property on an all cash basis and fund the acquisition with equity from the bought deal financing closed on March 1, 2012. PIRET will finance the asset post-closing with a new first mortgage of up to 65% of purchase price at an anticipated rate of no more than 3.80%.
The asset will be acquired at a going-in capitalization rate of 6.50%. After completing this transaction, PIRET's portfolio will total approximately 4.8 million square feet, with 38% of the properties located in the Greater Toronto Area.
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.
TSX Venture Exchange - AAR.UN
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)