Pure Industrial Real Estate Trust Closes Previously Announced $15.1 Million Transaction
July 18 2011 - 5:05PM
PR Newswire (Canada)
VANCOUVER, July 18, 2011 /CNW/ -- VANCOUVER, July 18, 2011 /CNW/ -
Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV:
AAR.UN) today announced the successful closing of a fully leased
income producing industrial property for a total purchase price of
$15,100,000. The property, as previously announced on July 4(th),
2011, is located at 1725 Inkster Blvd. in Winnipeg, Manitoba, has a
total rentable area of 265,843 sq.ft., and is situated on 12.77
acres. The property is 100% leased to quality tenants on long term
leases, notably the Winnipeg Regional Health Authority, which
represents over a quarter of the revenue. PIRET funded the
acquisitions with equity from the bought deal financing announced
April 28, 2011 and with first mortgage financing of $10mm, bearing
an interest rate of 5.05% and maturing in ten years. The
asset was acquired at an attractive capitalization rate of 7.6%
After completing this transaction, PIRET has acquired 2.0 million
square feet of income producing properties in 2011. 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 both primary and
secondary 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. Additional information about PIRET
is available at www.piret.ca or www.sedar.com. THE TSX VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR THE ACCURACY OF THIS RELEASE. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/18/c6073.html p
Andrew Greig,br/ Director of Investor Relations /p p bPure
Industrial Real Estate Trust (PIRET)/bbr/ Suite 910, 925 West
Georgia Streetbr/ Vancouver, BC V6C 3L2br/ Phone: (604)
681-5959 or (888) 681-5959br/ E-mail: a
href="mailto:agreig@piret.ca"agreig@piret.ca/abr/ a
href="http://www.piret.ca"www.piret.ca/abr/ TSX Venture Exchange -
AAR.UN /p
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