VANCOUVER, Dec. 16 /PRNewswire/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of two multi-tenant, income producing industrial properties that were previously announced on September 30th, 2010 for a total purchase price of $10,000,000.
The properties are both located in Winnipeg, Manitoba and are both 100% leased to quality tenants.
The first property, located at 310 De Baets Street, is a 74,000 sq.ft. facility leased to Via Health and Franklin Electric with an average lease term of 5.6 years. The facility is state of the art, having been constructed in 2009, with 24' ceilings and fifteen shipping doors. The De Baets asset is being acquired at a favorable going-in cap rate of 7.28%. PIRET funded the acquisitions with equity from the bought deal financing announced October 20, 2010.
The second property, located at 90-120 Paramount Road, is a 32,000 sq. ft. property leased to twelve tenants, including Ford, the Province of Manitoba and Service Master. The Paramount property is being acquired at a favorable going-in cap rate of 8.25%. PIRET funded the acquisitions with equity from the bought deal financing announced October 20, 2010 and by assuming a first mortgage in the amount of $1,063,000 with a term to May, 2013 and bearing an interest rate of 5.50%.
After completing this acquisition and as previously announced PIRET will have completed more than $140 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.
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)