Press release from CNW Group
Pure Industrial Real Estate Trust Announces Successful Acquisition of Two Properties for $16.2 Million and the Sale of One Property for $5.8 Million
Monday, September 16, 2013
Pure Industrial Real Estate Trust Announces Successful Acquisition of Two Properties for $16.2 Million and the Sale of One Property for $5.8 Million08:00 EDT Monday, September 16, 2013
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VANCOUVER, Sept. 16, 2013 /CNW/ -Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of two properties located at 15703-114th Avenue NW and 14627-128th Avenue NW both in Edmonton, Alberta for purchase prices of $8,600,000 and $7,620,000, respectively. Additionally, PIRET announced the successful sale of a property in Ontario for $5,800,000.
The property at 15703-114th Avenue NW is a single-tenant industrial building located in the Sheffield Industrial neighborhood in northwest Edmonton. The building comprises approximately 111,500 square feet of gross leasable area ("GLA") and is 100% leased to a regional distribution and warehousing tenant for a remaining lease term of over 8 years. PIRET acquired the property at a going-in capitalization rate of 6.95% using proceeds from the equity financing which closed on May 1, 2013, and first mortgage financing.
The property at 14627-128th Avenue NW, part of the Edmonton portfolio announced on January 21, 2013, is a single-tenant industrial building located in the Bonaventure neighborhood in northwest Edmonton. The building comprises approximately 97,804 square feet of GLA and is 100% leased to a regional distribution and warehousing tenant for a remaining lease term of over 10 years. PIRET acquired the property at a going-in capitalization rate of 7.57% using proceeds from the equity financing which closed on May 1, 2013, and first mortgage financing
The sale of the property located at 100 North Queen Street, Etobicoke, Ontario, for a selling price of $5,800,000, included funds received from the existing tenant for the early termination of their lease. The property was acquired by PIRET for $4,635,217 as a part of a larger portfolio transaction which closed in June 2011.
Steve Evans, PIRET's CEO, said, "These transactions demonstrate PIRET's strategy of optimizing the portfolio through acquisitions, development and selective dispositions."
After completing the acquisitions and sale, PIRET's portfolio total 160 properties with GLA of approximately 12.75 million square feet.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that acquires, owns and operates 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.
The 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:
Director of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 398-2836 or (888) 681-5959
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