Jul. 18, 2011 (Canada NewsWire Group) --
VANCOUVER, July 18, 2011 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a fully leased income producing industrial property for a total purchase price of $15,100,000.
The property, as previously announced on July 4th, 2011, is located at 1725 Inkster Blvd. in Winnipeg, Manitoba, has a total rentable area of 265,843 sq.ft., and is situated on 12.77 acres. The property is 100% leased to quality tenants on long term leases, notably the Winnipeg Regional Health Authority, which represents over a quarter of the revenue.
PIRET funded the acquisitions with equity from the bought deal financing announced April 28, 2011 and with first mortgage financing of $10mm, bearing an interest rate of 5.05% and maturing in ten years. The asset was acquired at an attractive capitalization rate of 7.6%
After completing this transaction, PIRET has acquired 2.0 million square feet of income producing properties in 2011.
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 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.
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