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Press release from CNW Group

Pure Industrial Real Estate Trust Successfully Closes Previously Announced $32.3 Million Acquisition And Agrees To Mortgage Terms for Previous Acquisitions

Wednesday, February 20, 2013

Pure Industrial Real Estate Trust Successfully Closes Previously Announced $32.3 Million Acquisition And Agrees To Mortgage Terms for Previous Acquisitions20:09 EST Wednesday, February 20, 2013/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./VANCOUVER, Feb. 20, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of one multi-tenant income producing industrial property for a total purchase price of $32,320,000.The property is located at 16111 Blundell Road, Richmond, British Columbia. The property has a gross leasable area ("GLA") of 279,742 square feet and is 100% leased.PIRET acquired the property using equity from the bought deal financing that closed on February 12, 2013, and mortgage financing in an amount representing approximately 68% of the purchase price.  The mortgage bears interest at the rate of 3.90% per annum for a term of 7 years. The property was acquired at a going-in capitalization rate of 6.04%.After completing the acquisition, PIRET's portfolio will total 92 properties with a GLA of approximately 7.85 million square feet.PIRET also announced today that it has agreed to mortgage terms for three previously acquired properties.  The properties, located at 11307 and 11329 - 166A Street NW, 12900 - 148th Street NW and 11415 - 168th Street NW, in Edmonton, Alberta, were acquired on February 14, 2013 for a total purchase price of $21,800,000.  The mortgage financing, which is expected to close on February 21, 2013, will be in the total amount of $12,985,000, representing approximately 60% of the purchase price.  The mortgages will bear interest at the rate of 4.20% per annum for a term of 10 years.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 largest internally managed 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 - AAR.UNThe Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.SOURCE: Pure Industrial Real Estate Trust (PIRET)For further information: Andrew Greig, Director of Investor RelationsPure Industrial Real Estate Trust Suite 910, 925 West Georgia Street Vancouver, BC  V6C 3L2 Phone: (604) 681-5959 or (888) 681-5959 E-mail: agreig@piret.ca