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Pure Industrial Real Estate Trust Closes $22.3 Million Transaction

^{Published on 2011-08-17 16:46:33 - Market Wire}
 

VANCOUVER, Aug. 17, 2011 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) today announced the successful closing of a fully leased, single tenant income producing industrial property for a total purchase price of $22,325,000.

The property is located at 12557 Coleraine Drive in Caledon, Ontario, has a total rentable area of 208,385 square feet ("sf"), and is situated on 12.27 acres. The property is 100% leased to Kingspan Insulated Panels, Ltd. ("Kingspan"), a global manufacturer of insulated panels for industrial and institutional construction, specializing in roof and wall systems ([ www.kingspan.com ]). Kingspan has a market cap of $1.5 billion and has a 10-year lease for the property on a fully net basis.

PIRET funded the acquisition with equity from the bought deal financing closed on May 17, 2011 and with a first mortgage financing of $13.9 million, bearing an interest rate of 3.22% and maturing in five years.  The asset was acquired at an attractive capitalization rate of 6.86%.

PIRET is Canada's only publicly traded pure-play industrial property REIT and has acquired over 2.1 million sf of income producing properties in 2011, bringing PIRET's total gross leasable area ("GLA") to 4.1 million sf.

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

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 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.