VANCOUVER,
Feb. 1, 2012 /PRNewswire/ - Pure
Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN)
today announced the successful completion of the purchase of a
single tenant, fully leased income producing industrial property
for a total purchase price of $4,450,000.
The property is located in the Greater Vancouver Area at 7830 Vantage Way,
Delta, British Columbia, has a
total rentable area of 46,300 square feet and is situated on 2.12
acres. The property is 100% leased until September, 2016 to Zodiac
Hurricane Technologies Inc., an international manufacturer of
military and commercial grade boats.
PIRET acquired the property on an all cash basis
and funded the acquisition with equity from the bought deal
financing announced January 11, 2012
and completed on January 26,
2012. The asset was acquired at a capitalization rate
of 6.50%.
After completing this transaction, PIRET's portfolio will total
approximately 4.2 million square feet, with greater than 16% of the
portfolio's gross leasable area in the Greater Vancouver Area.
PIRET's units are listed on the TSX Venture
Exchange under the symbol AAR.UN.
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.
TSX Venture Exchange - AAR.UN |
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)