Pure Industrial Real Estate Trust Announces Closing of Previously Announced Agreements For Three Fully Leased Industrial Proper

    




 VANCOUVER, June 11, 2012 /CNW/ - Pure Industrial Real Estate Trust  ("PIRET" or the "REIT")  announced today the successful  closing of agreements for three fully leased, income producing  industrial properties for an aggregate purchase price of $27,600,000. 

 The REIT successfully closed the previously announced $19,500,000  acquisition of 515 Welham Road in Barrie, Ontario and 12155 - 154th  Street in Edmonton, Alberta.  The properties have a combined total  rentable area of 187,753 square feet and are 100% leased on a fully net  basis for 20 years to a leading private designer and manufacturer of  specialized heavy equipment attachments for companies dedicated to  servicing the construction, resource, forestry and mining industries.   PIRET acquired the properties on an all cash basis and funded the  acquisition with equity from the bought deal financing that closed on  March 1, 2012.  PIRET will finance the assets post-closing with  long-term debt commensurate with the tenants' lease terms and in an  amount representing up to 65% of the purchase price. The assets were  acquired at an attractive going-in capitalization rate of 8.00%. 

 PIRET also successfully closed the previously announced $8,100,000  acquisition of 2030 Notre Dame Avenue in Winnipeg, Manitoba.   The  property has a total rentable area of 108,238 square feet and is  situated on a 6.25 acre site.  It is 100% leased on a fully net basis  to three quality regional and national tenants.  PIRET acquired the  property on an all cash basis and funded the acquisition with equity  from the bought deal financing that closed on March 1, 2012.  The asset  was acquired at a going-in capitalization rate of 7.68%.  PIRET will  assume the existing debt that represents 62% of the purchase price at  an interest rate of 3.975% per annum. 

 After completing these and other previously announced transactions,  PIRET's portfolio will total approximately 5.2 million square feet. The  REIT's year-to-date acquisitions are summarized below: 





                                                                           

                                                   Price     Cap
    Address              Municipality   GLA (sf) ($million) Rate  Occupancy

    7830 Vantage Way     Delta, BC        46,300   $    4.5 6.50%      100%

    925 - 931 Brock Road Pickering, ON   325,680       22.1 8.00%       93%

    1345 Redwood Avenue  Winnipeg, BC    112,340        9.7 7.76%      100%

    2440 Winston Park
    Drive                Oakville, ON     94,988       10.5 6.75%      100%

    230 Barmac Drive     North York, ON  118,225        7.3 6.50%      100%

    2030 Notre Dame
    Avenue               Winnipeg, MB    108,238        8.1 7.68%      100%

    515 Welham Road      Barrie, ON       45,170        2.7 8.00%      100%

    12155 - 154th Street Edmonton, AB    142,583       16.8 8.00%      100%

                                         993,524    $  81.7 7.56%       98%






 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. 

 TSX Venture Exchange - AAR.UN 

 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. 

   

   

Pure Industrial Real Estate Trust (PIRET)


CONTACT:  Andrew Greig,Director of Investor RelationsPure Industrial Real Estate Trust (PIRET)Suite 910, 925 West Georgia StreetVancouver, BC  V6C 3L2Phone: [phone] or [phone]E-mail: [e-mail] 


    

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