VANCOUVER, July 23, 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 $4,250,000.
The property is located at 15 Turbo Drive,
Edmonton, Alberta, has gross
leasable area of 24,927 square feet on a 2.01 acre site, and is
100% leased to two strong regional tenants on a fully net
basis. PIRET will fund the acquisition with equity from the
bought deal financing that closed on March
1, 2012 and on or 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 no more than 3.85%.
The asset is expected to close within the month
of August and will be acquired at a going-in capitalization rate of
7.93%. After completing this transaction, PIRET's portfolio will
total approximately 5.2 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 REIT 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)