VANCOUVER, June 29, 2012 /PRNewswire/ - Pure Industrial Real
Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) announced today
the successful closing of a fully leased single tenant, income
producing industrial property for a total purchase price of
$8,250,000.
The property is located at 6800 Rexwood Road in
Mississauga, ON, has a total gross
leasable area ("GLA") of 101,039 square feet and is situated on a
4.44 acre site. It is 100% leased on a fully net basis to a
strong regional food distribution tenant.
PIRET acquired the property on an all cash basis
and funded the acquisition with funds from the bought deal equity
financing that closed on March 1,
2012. PIRET will finance the asset post-closing with a new
first mortgage of up to 65% of purchase price at an anticipated
rate of no more than 3.80%. The asset was acquired at a going-in
capitalization rate of 6.74% excluding any management or
administration fees.
After completing this transaction, PIRET's
portfolio will total 71 properties with GLA of 5.1 million square
feet. The REIT's year-to-date acquisitions are summarized
below:
|
|
|
|
|
|
Address |
Municipality |
GLA (sf) |
Price
($million) |
Cap
Rate |
Occupancy |
7830 Vantage Way |
Delta, BC |
46,300 |
$ 4.45 |
6.50% |
100% |
925 - 931 Brock Road |
Pickering, ON |
325,680 |
22.13 |
8.00% |
93% |
1345 Redwood Avenue |
Winnipeg, BC |
112,340 |
9.70 |
7.76% |
100% |
2440 Winston Park Drive |
Oakville, ON |
94,988 |
10.56 |
6.75% |
100% |
230 Barmac Drive |
North York, ON |
118,225 |
7.27 |
6.50% |
100% |
2030 Notre Dame Avenue |
Winnipeg, MB |
108,238 |
8.10 |
7.68% |
100% |
515 Welham Road |
Barrie, ON |
45,217 |
2.70 |
8.00% |
100% |
12155 - 154th
Street |
Edmonton, AB |
138,964 |
16.80 |
8.00% |
100% |
6800 Rexwood Road |
Mississauga, ON |
101,039 |
8.25 |
6.74% |
100% |
|
|
1,090,991 |
$ 89.96 |
7.49% |
98% |
Redemption of Restricted Units
PIRET also announces today the issuance of
18,357 Class A Units (the "Units") of the REIT as of June 28, 2012 to a trustee who exercised the
right to redeem Restricted Units which vested under PIRET's
Restricted Unit Plan on March 6,
2012. The Units were issued at a redemption price of
$4.64 per Unit for total value of
$85,176.48.
After the issuance of the Units, PIRET has
66,483,054 Units issued and outstanding.
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.
Andrew Greig,
Director of Investor Relations
Pure Industrial Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
E-mail: agreig@piret.ca
www.piret.ca
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)