Friday, September 26, 2014

Vancouver, BC – September 26, 2014: Pure Industrial Real Estate Trust (“PIRET”) (TSX: AAR.UN) today announced the successful closing of an industrial property (the “Property”) for $20,444,734, representing a going-in cap rate of approximately 7.76%. The Property is the last pending asset of the 11 property portfolio, the purchase of which PIRET previously announced on June 18, 2014. 

The Property is located beside the Montreal Pierre Elliott Trudeau International Airport with a total rental area of 106,263 square feet (“GLA”) and is 100% leased to a multi-national tenant. The property has a remaining lease term of approximately 10 years.

PIRET funded the acquisition using cash from its public offering that closed on June 27, 2014.  Details of the portfolio announced on June 18, 2014, are as follows:

 

City / State
GLA (sq. ft)
Date Built
Lease Expiration
Income Producing Properties
City of Industry, CA
211,495
2007
Jun-2022
West Palm Beach, FL
119,165
2007
May-2025
Newton, NC
141,432
2010
Aug-2023
Barrington, NJ
196,227(1)
2006
Jul-2025
Dover, NJ
171,907
2010
Jun-2024
Montreal, QC
106,263
2007
Aug 2024
Subtotal
946,489
 
 
Properties Under Development
Rock Island, IL
189,926
Nov 2014
Oct-2024
Wheeling, IL
147,082
Aug 2014
Jul-2024
Baton Rouge, LA
175,374
Feb 2015
Jan-2025
Austin, TX
199,865
Jan 2015
Jan-2025
San Antonio, TX
202,763
Feb 2015
Jan-2025
Subtotal
915,010
 
 
Total Closed
1,861,499
 

 

Note:

(1)       Represents the current GLA. The property will be expanded to comprise 259,227 square feet of GLA. The expansion is expected to be completed in 2015.

After completing the acquisition of the Portfolio, PIRET’s portfolio will be comprised of 170 properties representing approximately 15.9 million square feet of GLA.

About Pure Industrial Real Estate Trust 

PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.

Additional information about PIRET is available at www.piret.ca or www.sedar.com.

 

For more information please contact:

Andrew Greig,
Director of Investor Relations
 
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: (604) 398-2836 or (888) 681-5959

 

TSX – AAR.UN

Forward-Looking Information:

Certain statements contained in this press 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 expansion of the property in Barrington, NJ is expected to be completed in 2015. 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 the property acquistions, and the vendor’s ability to complete the expansion as currently planned.

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 property acquisitions, competitive factors in the industries in which PIRET operates, prevailing economic conditions, and other factors, many of which are beyond the control of the PIRET.

The forward-looking statements contained in this press 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.

 

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.

Not for distribution to United States Newswire Services or for dissemination in the United States.