VANCOUVER, Sept. 4 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSXV: AAR.UN) is pleased to announce that it has successfully negotiated a new leasing agreement for 9203 - 35th Avenue, a 15,778 square foot single storey industrial building located on a 0.82 acre site in Strathcona Industrial Park in Edmonton, Alberta.
PIRET has entered into a new fully net leasing agreement for a term of 5 years effective October 1, 2008. The new lease will increase Net Operating Income by $16,033 per annum.
PIRET co-founder Darren Latoski states, "This transaction is indicative of the inherent value of our existing portfolio, as we continue to see high demand for quality industrial assets in prime industrial precincts across the country. PIRET's focus has been on conservative and sensible growth and adding value to our existing portfolio without diluting our existing unit holders. This new fully net lease will have an immediate impact by reducing our payout ratio from 84% to 83%."
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.