Pure Industrial Real Estate Trust Announces $91.6 Million of Property Acquisitions and $30.2 Million Equity Financing
22 Agosto 2012 - 7:31AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ VANCOUVER, Aug. 22, 2012 /CNW/
- Pure Industrial Real Estate Trust ("PIRET") announced today that
it has entered into conditional agreements to acquire $91.6 million
of income producing properties (collectively, the "Acquisitions"),
consisting of 11 industrial properties representing 772,251 square
feet of gross leasable area ("GLA") located in Ontario, Alberta and
British Columbia. The Acquisitions consist of a portfolio of four
buildings located in Kitchener, Burlington and Vaughan, Ontario
(collectively, the "Ontario Portfolio"), a portfolio of five
buildings located in Calgary, Edmonton and Grande Prairie, Alberta
and Richmond, British Columbia (collectively, the "Western
Portfolio") and a portfolio of two properties located in Calgary,
Alberta (collectively, the "Calgary Properties"). The
properties are being acquired at a weighted average going-in
capitalization rate of 7.01%. PIRET also announced today that it
has also entered into an agreement to sell to a syndicate of
underwriters led by Canaccord Genuity Corp. and Dundee Securities
Ltd. (the "Underwriters"), on a bought deal basis, 6,100,000 trust
units ("Units") at a price of $4.95 per Unit for gross proceeds to
PIRET of approximately $30,195,000 million (the "Financing").
PIRET has also granted the Underwriters an over-allotment option to
purchase up to an additional 915,000 Units on the same terms and
conditions, exercisable at any time, in whole or in part, up to 30
days after the closing of the Financing. The Financing is expected
to close on or about September 12, 2012 and is subject to
regulatory approval. The net proceeds from the Financing will be
used to fund the Acquisitions and for general corporate purposes.
The Ontario Portfolio consists of four single tenant industrial
properties comprising an aggregate of 462,561 square feet of
GLA. The Ontario Portfolio is 100% leased to a variety of
high quality national and regional tenants with a weighted average
remaining lease term of approximately 6.1 years. The purchase price
for the Ontario Portfolio is $34.9 million, representing a 6.85%
going-in capitalization rate. The Western Portfolio consists of
five single tenant industrial properties comprising an aggregate of
237,141 square feet of GLA and will be 100% leased to a high
quality national tenant under a 20 year, triple net lease. The
purchase price for the Western Portfolio is $48.0 million,
representing a 7.1% going-in capitalization rate. The Calgary
Properties consist of two single-tenant industrial properties
comprising an aggregate of 72,549 square feet of GLA and will be
100% leased to a high quality regional tenant under a 10 year,
triple net lease. The purchase price for the Calgary Properties is
$8.7 million, representing a 7.3% going-in capitalization rate. The
purchase price of the Acquisitions is expected to be settled with
the proceeds of the Financing, existing cash on hand and
approximately $59.5 million of mortgage financing bearing an
anticipated weighted average interest rate of 3.92%. Darren
Latoski, Co-CEO of PIRET, said "PIRET is continuing to take
advantage of our well-established pipeline of acquisition
opportunities across Canada. We are pleased to have
identified these portfolios of high quality, well tenanted
industrial properties which we can acquire on an accretive basis."
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 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. 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. Forward
looking statements in this news release include that the Financing
is expected to close on or about September 12, 2012 and that the
purchase price of the Acquisitions is expected to be settled with
the proceeds of the Financing, cash on hand and approximately $59.5
million of mortgage financing. The forward-looking statements
contained in this news release are based on certain key
expectations and assumptions made by PIRET, including: expectations
and assumptions concerning receipt of required regulatory approvals
and the satisfaction of other conditions to the completion of and
use of proceeds from the Financing. 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
obtain necessary regulatory approvals or satisfy the conditions to
closing the Financing or mortgage financings, 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. NOT FOR DISTRIBUTION
TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. Pure Industrial Real Estate Trust (PIRET) CONTACT:
Andrew Greig,Director of Investor RelationsPure Industrial Real
Estate Trust Suite 910, 925 West Georgia StreetVancouver, BC V6C
3L2Phone: (604) 681-5959 or (888) 681-5959E-mail:
agreig@piret.cawww.piret.caTSX Venture Exchange - AAR.UN
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