Thursday, July 28, 2016
Vancouver, BC – July 28, 2016: Pure Industrial Real Estate Trust (“PIRET” or the “Trust”) (TSX: AAR.UN) today announced that the Trust has successfully closed on a $110 million mortgage financing.
The Trust obtained a first mortgage financing of $110,000,000 on the recently constructed state of the art, 422,433 square feet, logistics and distribution facility in Vaughan, Ontario. The mortgage bears interest at a fixed rate of 3.40% per annum over a term of 10 years. Including the new mortgage, PIRET’s weighted average debt-to-maturity has been extended from 4.2 to 4.8 years and the Trust’s effective weighted average interest rate on its term debt has been reduced to 4.05%.
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
TSX – AAR.UN
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