Pure Industrial Real Estate Trust announces $4.45 million acquisition

Pure Industrial Real Estate Trust announced the successful completion of the purchase of a single tenant, fully leased income producing industrial property for a total purchase price of $4,450,000.

The property is located in the Greater Vancouver Area at 7830 Vantage Way, Delta, British Columbia, has a total rentable area of 46,300 square feet and is situated on 2.12 acres. The property is 100% leased until September, 2016 to Zodiac Hurricane Technologies Inc., an international manufacturer of military and commercial grade boats.

PIRET acquired the property on an all cash basis and funded the acquisition with equity from the bought deal financing announced January 11, 2012 and completed on January 26, 2012. The asset was acquired at a capitalization rate of 6.50%.

After completing this transaction, PIRET's portfolio will total approximately 4.2 million square feet, with greater than 16% of the portfolio's gross leasable area in the Greater Vancouver Area.
PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN.
 

on February 2, 2012