Pure Industrial Real Estate Trust announces new leasing agreement in Edmonton
VANCOUVER, Sept. 4 /PRNewswire-FirstCall/ - Pure Industrial Real Estate
Trust (”PIRET”) (TSXV: AAR.UN) is pleased to announce that it has
successfully negotiated a new leasing agreement for 9203 - 35th Avenue, a
15,778 square foot single storey industrial building located on a 0.82 acre
site in Strathcona Industrial Park in Edmonton, Alberta.
PIRET has entered into a new fully net leasing agreement for a term of
5 years effective October 1, 2008. The new lease will increase Net
Operating Income by $16,033 per annum.
PIRET co-founder Darren Latoski states, “This transaction is indicative
of the inherent value of our existing portfolio, as we continue to see high
demand for quality industrial assets in prime industrial precincts across
the country. PIRET’s focus has been on conservative and sensible growth and
adding value to our existing portfolio without diluting our existing unit
holders. This new fully net lease will have an immediate impact by reducing
our payout ratio from 84% to 83%.”
PIRET’s units are listed on the TSX Venture Exchange under the symbol
AAR.UN.
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 both primary and secondary
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 http://www.piret.ca or
http://www.sedar.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
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[Via Real Estate Newswire]