May 20, 2010 (Canada NewsWire Group) -- Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of three income producing industrial properties that were previously announced on
All three assets were acquired pursuant to a sales/leaseback contract with Advance Engineered Products Ltd. ("Advance"). Advance has entered into a 25 year net care-free lease with PIRET. Advance is the largest manufacturer of tank trucks and trailers in
5502-56th Avenue SE, in
10498-17th Street, in
1002-15th Avenue, in Nisku (
PIRET funded the acquisitions with the proceeds of the bought deal equity financing announced
After completing these acquisition and as previously announced, PIRET will have completed
PIRET also announced that its Board of Trustees has approved a cash distribution of
PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN. PIRET has 20,526,263 units issued and outstanding.
For more information on PIRET, visit our website at www.piret.ca.
<< 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 both primary and secondary markets across
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.