VANCOUVER, June 11, 2012 /PRNewswire/ - Pure Industrial Real
Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) announced today
the successful closing of agreements for three fully leased, income
producing industrial properties for an aggregate purchase price of
$27,600,000.
The REIT successfully closed the previously
announced $19,500,000 acquisition of
515 Welham Road in Barrie, Ontario
and 12155 - 154th Street in Edmonton,
Alberta. The properties have a combined total rentable
area of 187,753 square feet and are 100% leased on a fully net
basis for 20 years to a leading private designer and manufacturer
of specialized heavy equipment attachments for companies dedicated
to servicing the construction, resource, forestry and mining
industries. PIRET acquired the properties on an all cash
basis and funded the acquisition with equity from the bought deal
financing that closed on March 1,
2012. PIRET will finance the assets post-closing with
long-term debt commensurate with the tenants' lease terms and in an
amount representing up to 65% of the purchase price. The assets
were acquired at an attractive going-in capitalization rate of
8.00%.
PIRET also successfully closed the previously
announced $8,100,000 acquisition of
2030 Notre Dame Avenue in Winnipeg,
Manitoba. The property has a total rentable area
of 108,238 square feet and is situated on a 6.25 acre site.
It is 100% leased on a fully net basis to three quality regional
and national tenants. PIRET acquired the property on an all
cash basis and funded the acquisition with equity from the bought
deal financing that closed on March 1,
2012. The asset was acquired at a going-in
capitalization rate of 7.68%. PIRET will assume the existing
debt that represents 62% of the purchase price at an interest rate
of 3.975% per annum.
After completing these and other previously
announced transactions, PIRET's portfolio will total approximately
5.2 million square feet. The REIT's year-to-date acquisitions are
summarized below:
|
|
|
|
|
|
Address |
Municipality |
GLA (sf) |
Price
($million) |
Cap
Rate |
Occupancy |
7830 Vantage Way |
Delta, BC |
46,300 |
$ 4.5 |
6.50% |
100% |
925 - 931 Brock Road |
Pickering, ON |
325,680 |
22.1 |
8.00% |
93% |
1345 Redwood Avenue |
Winnipeg, BC |
112,340 |
9.7 |
7.76% |
100% |
2440 Winston Park Drive |
Oakville, ON |
94,988 |
10.5 |
6.75% |
100% |
230 Barmac Drive |
North York, ON |
118,225 |
7.3 |
6.50% |
100% |
2030 Notre Dame Avenue |
Winnipeg, MB |
108,238 |
8.1 |
7.68% |
100% |
515 Welham Road |
Barrie, ON |
45,170 |
2.7 |
8.00% |
100% |
12155 - 154th Street |
Edmonton, AB |
142,583 |
16.8 |
8.00% |
100% |
|
|
993,524 |
$ 81.7 |
7.56% |
98% |
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
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)