VANCOUVER, Aug. 17, 2011 /PRNewswire/ - 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
$22,325,000.
The property is located at 12557 Coleraine Drive
in Caledon, Ontario, has a total
rentable area of 208,385 square feet ("sf"), and is situated on
12.27 acres. The property is 100% leased to Kingspan Insulated
Panels, Ltd. ("Kingspan"), a global manufacturer of insulated
panels for industrial and institutional construction, specializing
in roof and wall systems (www.kingspan.com). Kingspan has a market
cap of $1.5 billion and has a 10-year
lease for the property on a fully net basis.
PIRET funded the acquisition with equity from
the bought deal financing closed on May 17,
2011 and with a first mortgage financing of $13.9 million, bearing an interest rate of 3.22%
and maturing in five years. The asset was acquired at an
attractive capitalization rate of 6.86%.
PIRET is Canada's only publicly
traded pure-play industrial property REIT and has acquired over 2.1
million sf of income producing properties in 2011, bringing PIRET's
total gross leasable area ("GLA") to 4.1 million sf.
PIRET's year-to-date acquisitions are summarized below:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Address |
|
|
|
Municipality |
|
|
|
GLA
(sf) |
|
|
|
Price
($million) |
|
|
|
Cap
Rate |
|
|
|
Occupancy |
7867-7890 Express Street
1 Rutherford Court
9255 194th Street
80 Rooney Crescent
7660 Vantage Way
5645 70th Street
Ontario / Alberta Portfolio
1725 Inkster Boulevard
20-30 Milburn Road
12557 Coleraine Drive |
|
|
|
Vancouver, BC
Guelph, ON
Surrey, BC
Moncton, NB
Delta, BC
Edmonton, AB
GTA/Calgary/Edmonton
Winnipeg, MB
Stoney Creek, ON
Caledon, ON |
|
|
|
182,037
101,301
185,123
81,180
73,396
138,633
831,923
265,843
62,098
208,385 |
|
|
|
$ 40.0
6.1
18.4
5.1
9.3
28.8
70.2
15.1
3.1
22.3 |
|
|
|
7.07%
7.25%
6.44%
8.00%
6.74%
7.23%
7.23%
7.60%
8.50%
6.86% |
|
|
|
100%
100%
100%
100%
100%
100%
95%
100%
100%
100% |
| Total |
|
|
|
|
|
|
|
2,129,919 |
|
|
|
$ 218.4 |
|
|
|
7.14% |
|
|
|
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 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.
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.
SOURCE Pure Industrial Real Estate Trust (PIRET)