Pure Industrial Real Estate Trust Closes Previously Announced $3.1 Million Transaction
July 26 2011 - 7:11PM
PR Newswire (Canada)
VANCOUVER, July 26, 2011 /CNW/ -- VANCOUVER, July 26, 2011 /CNW/ -
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 $3,104,000. The property is located at 20-30
Milburn Road in Stoney Creek, Ontario, has a total rentable area of
62,098 sf, and is situated on 2.61 acres. The property was acquired
in a sale/leaseback transaction and is 100% leased to Kromet
International, a privately held company that supplies the home
appliance and solar industries. Kromet leased the property
from PIRET on a fully net basis for a term of ten years. PIRET
funded the acquisition with equity from the bought deal financing
closed on May 17, 2011. The asset was acquired at an
attractive capitalization rate of 8.5% and will be financed
post-closing with a new first mortgage in the amount of $2.05
million, with a term of ten years and bearing an interest rate of
4.94%. PIRET is Canada's only publically traded pure-play
industrial property REIT and has acquired 1.9 million mm square
feet of income producing properties in 2011, bringing PIRET's total
rentable area to 3.9 million. PIRET's year-to-date acquisitions are
summarized below:
____________________________________________________________________
| | | | Price | Cap | | |Address |Municipality |GLA (sf)
|($million)|Rate |Occupancy|
|__________|____________________|_________|__________|_____|_________|
|7867-7890 | | | | | | |Express | | | | | | |Street |Vancouver, BC
| 182,037 | $ 40.0 |7.07%| 100% |
|__________|____________________|_________|__________|_____|_________|
|1 | | | | | | |Rutherford| | | | | | |Court |Guelph, ON | 101,301
| 6.1 |7.25%| 100% |
|__________|____________________|_________|__________|_____|_________|
|9255 194 | | | | | | |(th) | | | | | | |Street |Surrey, BC |
185,123 | 18.4 |6.44%| 100% |
|__________|____________________|_________|__________|_____|_________|
|80 Rooney | | | | | | |Crescent |Moncton, NB | 81,180 | 5.1
|8.00%| 100% |
|__________|____________________|_________|__________|_____|_________|
|7660 | | | | | | |Vantage | | | | | | |Way |Delta, BC | 73,396 |
9.3 |6.74%| 100% |
|__________|____________________|_________|__________|_____|_________|
|5645 70 | | | | | | |(th) | | | | | | |Street |Edmonton, AB |
138,633 | 28.8 |7.23%| 100% |
|__________|____________________|_________|__________|_____|_________|
|Ontario / | | | | | | |Alberta | | | | | | |Portfolio
|GTA/Calgary/Edmonton| 831,923 | 70.2 |7.23%| 95% |
|__________|____________________|_________|__________|_____|_________|
|1725 | | | | | | |Inkster | | | | | | |Boulevard |Winnipeg, MB |
265,843 | 15.1 |7.60%| 100% |
|__________|____________________|_________|__________|_____|_________|
|20-30 | | | | | | |Milburn | | | | | | |Road |Stoney Creek, ON |
62,098 | 3.1 |8.50%| 100% |
|__________|____________________|_________|__________|_____|_________|
|Total | |1,921,534| $ 196.1 |7.17%| 98% |
|__________|____________________|_________|__________|_____|_________|
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
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Andrew Greig,br/ Director of Investor Relationsbr/ br/ 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/ br/ TSX Venture
Exchange - AAR.UN /p
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