Pure Industrial Real Estate Trust Announces Agreement to Acquire Fully Leased Industrial Property for $8.25 Million and Redempt
01 Junho 2012 - 2:49AM
PR Newswire (Canada)
VANCOUVER, June 4, 2012 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or the "REIT") today announced it has entered into an
agreement to acquire a fully leased single tenant, income producing
industrial property for a total purchase price of $8,250,000. The
property is located at 6800 Rexwood Road in Mississauga, Ontario.
The property has a total rentable area of 101,039 square feet and
is 100% leased to a strong regional tenant on a fully net basis.
PIRET intends to close the acquisition on an all cash basis.
Following closing, PIRET intends to place a new first mortgage on
the property at a loan-to-value of 60% with an anticipated interest
rate of not more than 3.75%. The acquisition is expected to close
within the month of June and will be acquired at a going-in
capitalization rate of 6.74%. After completing this transaction,
PIRET's portfolio will total approximately 5.2 million square feet,
38% of which are located in the Greater Toronto Area. Redemption of
Restricted Units PIRET also announces today the issuance of 57,694
Class A Units (the "Units") of the REIT as of May 28, 2012 to three
trustees who exercised the right to redeem Restricted Units which
vested under PIRET's Restricted Unit Plan on March 6, 2012 and May
8, 2012. The Units were issued at a redemption value of $4.46 per
Unit for total value of $257,315.24. After the issuance of the
Units, PIRET has 66,464,697 Units issued and outstanding. About
Pure Industrial Real Estate Trust 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. TSX Venture Exchange - AAR.UN
Forward-Looking Information: Certain statements contained in this
news release may constitute forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "anticipate", "plan", "expect", "may",
"will", "intend", "should", and similar expressions. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. The forward-looking statements contained in this news
release are based on certain key expectations and assumptions made
by PIRET, including: the intention to close the acquisition on an
all cash basis, the intention to place a new mortgage on the
property at a loan-to-value of 60% with an anticipated interest
rate of not more than 3.75% and the expectation to close within the
month of June. Although PIRET believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because PIRET can give no assurance that
they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, the
failure to satisfy the conditions to complete the acquisition, the
inability to obtain mortgage financing on expected terms,
competitive factors in the industries in which PIRET operates,
prevailing economic conditions, and other factors, many of which
are beyond the control of PIRET. The forward-looking statements
contained in this news release represent PIRET's expectations as of
the date hereof, and are subject to change after such date. PIRET
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable
securities regulations. NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (as that term is defined in the
policies of the TSX Venture Exchange) HAS REVIEWED OR ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Pure Industrial Real Estate Trust (PIRET) CONTACT: Andrew
Greig,Director of Investor RelationsPure Industrial Real Estate
TrustSuite 910, 925 West Georgia StreetVancouver, BC V6C 3L2Phone:
(604) 681-5959 or (888) 681-5959E-mail: agreig@piret.ca
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