VANCOUVER, March 16, 2012 /PRNewswire/ - Pure Industrial
Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today
announced the successful closing of a single tenant, fully leased
income producing industrial property for a total purchase price of
$9,700,000.
The property is located at 1345 Redwood Avenue
in Winnipeg, Manitoba, has a total
rentable area of 112,340 square feet and is situated on 9.9 acres,
with 4.0 acres of future development land. The property is 100%
leased until January 2016 to Boeing
Canada Operations Ltd., a subsidiary of The Boeing Company, the
world's leading aerospace company and the largest manufacturer of
commercial jetliners and military aircrafts.
PIRET acquired the property with equity from the
bought deal financing announced January 25,
2012 and with a first mortgage financing of $6.5 million at an expected interest rate of
3.85% and maturing in five years. The asset was acquired at
an attractive capitalization rate of 7.76%.
After completing this transaction, PIRET's
portfolio will total approximately 4.6 million square feet.
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 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (as that term is defined in the
policies of the TSX Venture Exchange) HAS REVIEWED OR ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS
RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)