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VANCOUVER, March 30, 2015 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful sale of four assets in Ontario for a total of $11.1 million. The assets were acquired over various time periods for an aggregate price of $7.8 million.
1800 Ironstone Drive is a single-tenant industrial building that was constructed in 1994 with a total gross leasable area ("GLA") of 50,000 square feet ("sf"). The building was purchased as a part of a larger portfolio deal in June 2011 for $3.1 million.
1575 Sismet Road and 1601 Matheson Boulevard are multi-tenant industrial buildings that were constructed in 1974 with a GLA of 43,282 sf. The buildings were purchased as a part of a larger portfolio deal in June 2011 for $3.2 million.
78 Trowers Road is a multi-tenant industrial asset that was constructed in 1987 with a GLA of 17,766 sf. The building was purchased as a part of a larger portfolio deal in May 2013 for $1.5 million.
Based on estimated market rents for each asset, the equivalent overall cap rate for the portfolio is roughly 5.60%, suggesting continued strong demand for well-located industrial product from users and private investors. The sale of these assets reflects PIRET's commitment to creating value for its unitholders through the selective disposition of non-core assets.
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.
For more information please contact:
Director of Investor Relations
Pure Industrial Real Estate Trust
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 398-2836 or (888) 681-5959
Toronto Stock Exchange – AAR.UN
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.
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, 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. Other factors and risks that could cause actual results or events to differ materially from current expectations are discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under "Risk Factors" in PIRET's Annual Information Form, and annual Management Discussion and Analysis, available on SEDAR at www.sedar.com.
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.
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