VANCOUVER, May 17, 2012 /PRNewswire/ - Pure Industrial Real
Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced
it has entered into an agreement to acquire a fully leased
multi-tenant, income producing industrial property for a total
purchase price of $8,100,000.
The property is located at 2030 Notre Dame
Avenue in Winnipeg, Manitoba, has
a total rentable area of 108,238 square feet, and is 100% leased to
three strong national and regional tenants on a triple net basis.
PIRET will fund the acquisition with equity from the bought deal
financing that closed on March 1,
2012 and through the assumption a new first mortgage
representing 62.3% of the purchase price at an interest rate of
3.975%.
The asset will be acquired at an attractive
going-in capitalization rate of 7.8%. After completing this
transaction, and the previously announced acquisitions, PIRET's
portfolio will total 71 assets with approximately 5.1 million
square feet.
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.
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)