VANCOUVER, March 16, 2012 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a single tenant, fully leased income producing industrial property for a total purchase price of $9,700,000.
The property is located at 1345 Redwood Avenue in Winnipeg, Manitoba, has a total rentable area of 112,340 square feet and is situated on 9.9 acres, with 4.0 acres of future development land. The property is 100% leased until January 2016 to Boeing Canada Operations Ltd., a subsidiary of The Boeing Company, the world's leading aerospace company and the largest manufacturer of commercial jetliners and military aircrafts.
PIRET acquired the property with equity from the bought deal financing announced January 25, 2012 and with a first mortgage financing of $6.5 million at an expected interest rate of 3.85% and maturing in five years. The asset was acquired at an attractive capitalization rate of 7.76%.
After completing this transaction, PIRET's portfolio will total approximately 4.6 million square feet.
PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN.
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 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.
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.
Director of Investor Relations
Pure Industrial Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
TSX Venture Exchange - AAR.UN