Pure Industrial Real Estate Trust Closes $22.3 Million Transaction
VANCOUVER, Aug. 17, 2011 /PRNewswire/ - 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 $13.9 million, bearing an interest rate of 3.22% and maturing in five years. The asset was acquired at an attractive capitalization rate of 6.86%.
PIRET is Canada's only publicly traded pure-play industrial property REIT and has acquired over 2.1 million sf of income producing properties in 2011, bringing PIRET's total gross leasable area ("GLA") to 4.1 million sf.
PIRET's year-to-date acquisitions are summarized below:
Address | Municipality | GLA (sf) | Price ($million) |
Cap Rate | Occupancy | |||||||||||||||
7867-7890 Express Street 1 Rutherford Court 9255 194th Street 80 Rooney Crescent 7660 Vantage Way 5645 70th Street Ontario / Alberta Portfolio 1725 Inkster Boulevard 20-30 Milburn Road 12557 Coleraine Drive |
Vancouver, BC Guelph, ON Surrey, BC Moncton, NB Delta, BC Edmonton, AB GTA/Calgary/Edmonton Winnipeg, MB Stoney Creek, ON Caledon, ON |
182,037 101,301 185,123 81,180 73,396 138,633 831,923 265,843 62,098 208,385 |
$ 40.0 6.1 18.4 5.1 9.3 28.8 70.2 15.1 3.1 22.3 |
7.07% 7.25% 6.44% 8.00% 6.74% 7.23% 7.23% 7.60% 8.50% 6.86% |
100% 100% 100% 100% 100% 100% 95% 100% 100% 100% |
|||||||||||||||
Total | 2,129,919 | $ 218.4 | 7.14% | 98% |
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.
SOURCE Pure Industrial Real Estate Trust (PIRET)
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