Pure Industrial Real Estate Trust Announces Closing Of A Fully Leased Industrial Property For $9.8 Million

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VANCOUVER, May 21, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of a single tenant, fully leased industrial property located in Halton Hills, Ontario for a total purchase price of $9.8 million.

The property is located at 11000 Steeles Avenue, Halton Hills, Ontario, has a gross leasable area ("GLA") of 123,750 square feet situated on 13.8 acres of land and is leased to a strong national tenant on a fully net basis. PIRET acquired the property at a going-in capitalization rate of 6.63% and funded the acquisition with equity from the bought deal financing that closed on February 12, 2013.

PIRET's 2013 year-to-date acquisitions are summarized below:

Property/Portfolio	Municipality and Province	# of Properties	GLA			Price ($million)	Going In Cap Rate	Occupancy
13055 80th Avenue	Surrey, BC	1	38,232		$	4.6	5.97%	100%
18111 Blundell Road	Richmond, BC	1	412,375			44.1	6.21%	100%
Edmonton Portfolio	Edmonton, AB	3	264,941			21.8	6.74%	100%
16111 Blundell Road	Richmond, BC	1	279,742			32.3	6.04%	100%
East-West Portfolio	Various	4	263,896			25.3	8.13%	100%
261106 Wagon Wheel      Crescent	Balzac, AB	1	58,772			8.9	7.07%	100%
GTA/ON Portfolio	Various, ON	59	3,663,221			358.5	6.33%*	93.9%*
11000 Steeles Ave	Halton Hills, ON	1	123,750			9.8	6.63%	100%
		71	5,104,929		$	505.3	6.42%	95.6%

*  Stated occupancy and going in cap rate do not include premises leased under a head lease with the vendor.  Including the vendor head lease will result in an effective occupancy rate of 98.3%.

After completing the acquisition, PIRET's portfolio will be comprised of 157 properties representing approximately 12.0 million square feet of GLA.

About Pure Industrial Real Estate Trust 

PIRET is an unincorporated, open-ended investment trust that acquires, owns and operates a diversified portfolio of income-producing industrial properties in primary markets across Canada. PIRET focuses exclusively on investing in industrial properties and is the largest internally managed publicly traded REIT 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 Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.

 

 

 

SOURCE: Pure Industrial Real Estate Trust (PIRET)

Andrew Greig,
Director of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: [phone] or [phone]
E-mail: [email protected]

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