VANCOUVER, June 4, 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 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, Ontario. The property
has a total rentable area of 101,039 square feet and is 100% leased
to a strong regional tenant on a fully net basis. PIRET intends to
close the acquisition on an all cash basis. Following
closing, PIRET intends to place a new first mortgage on the
property at a loan-to-value of 60% with an anticipated interest
rate of not more than 3.75%.
The acquisition is expected to close within the
month of June and will be acquired at a going-in capitalization
rate of 6.74%. After completing this transaction, PIRET's portfolio
will total approximately 5.2 million square feet, 38% of which are
located in the Greater Toronto
Area.
Redemption of Restricted Units
PIRET also announces today the issuance of
57,694 Class A Units (the "Units") of the REIT as of May 28, 2012 to three trustees who exercised the
right to redeem Restricted Units which vested under PIRET's
Restricted Unit Plan on March 6, 2012
and May 8, 2012. The Units were
issued at a redemption value of $4.46
per Unit for total value of $257,315.24.
After the issuance of the Units, PIRET has
66,464,697 Units issued and outstanding.
About Pure Industrial Real Estate
Trust
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
Forward-Looking Information:
Certain statements contained in this news
release may constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "anticipate", "plan", "expect", "may", "will",
"intend", "should", and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. The
forward-looking statements contained in this news release are based
on certain key expectations and assumptions made by PIRET,
including: the intention to close the acquisition on an all cash
basis, the intention to place a new mortgage on the property at a
loan-to-value of 60% with an anticipated interest rate of not more
than 3.75% and the expectation to close within the month of
June.
Although PIRET believes that the expectations
and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the
forward-looking statements because PIRET can give no assurance that
they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, the
failure to satisfy the conditions to complete the acquisition, the
inability to obtain mortgage financing on expected terms,
competitive factors in the industries in which PIRET operates,
prevailing economic conditions, and other factors, many of which
are beyond the control of PIRET.
The forward-looking statements contained in
this news release represent PIRET's expectations as of the date
hereof, and are subject to change after such date. PIRET disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities
regulations.
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)