Apr. 7, 2011 (Canada NewsWire Group) --
VANCOUVER, April 7 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) announced the successful closing of a two tenant, fully leased, income producing industrial property that was previously announced on January 10, 2011 for a total purchase price of $18,380,000.
The property is located at 9255 194th Street, Surrey, British Columbia, and has a total rentable area of 185,123 sq.ft. Located in the desirable Port Kells submarket, the property is 100% leased to Sauder Industries and Masonite with a weighted average lease term of 5.6 years. PIRET acquired this asset at a favorable going-in cap rate of 6.44% and funded the acquisitions with equity from the bought deal financing announced January 27, 2011 and with a new first mortgage in the amount of $12,000,000 bearing an interest rate of 4.62% with a term of seven years.
After completing this acquisition and as previously announced PIRET will have completed more than $140 million in acquisitions since January 2010.
PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN. 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 primary industrial 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.
Andrew Greig, Director of Investor Relations