VANCOUVER, Feb. 24, 2012 /PRNewswire/ - Pure Industrial Real
Estate Trust ("PIRET" or "REIT") (TSXV: AAR.UN) today announced the
successful completion of the purchase of a multi-tenant, income
producing industrial property for a total purchase price of
$22,125,000.
The property is located at 925 - 931 Brock Road
in Pickering, Ontario, has a total
rentable area of 325,680 square feet, and is situated on 20.08
acres. The property is leased to quality international and regional
tenants and has six acres of additional land that will allow future
expansion of the building by approximately 120,000 square feet.
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 REIT expects to finance the property within
the next 30 days with a first mortgage of $14.4 million. The asset was acquired at an
attractive capitalization rate of 8.0%.
After completing this transaction, PIRET's portfolio will total
approximately 4.45 million square feet, with greater than 44% of
the portfolio's gross leasable area in the Greater Toronto 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)