March 31, 2010 (FinancialWire) — Pure Industrial Real Estate Trust (TSX Venture: AAR) said it has closed its acquisition of the third of three income producing industrial properties, from a deal reported on February 4.

PIRET said it acquired the property, in Moncton New Brunswick for $2.79 million. According to the company, the facility has historically enjoyed occupancy greater than 90% and is currently leased out to 13 tenants, with a mix of national, government, and small business tenants, whose average tenure is greater than 7 years.

PIRET said it funded the acquisition with cash on hand, and assumed the existing mortgage in the amount of $1.44 million, bearing interest at a rate of 6.21%, and maturing in 2014. The asset is being acquired at a going-in cap rate of 9.08%, according to the firm.

Canada-based PIRET is an unincorporated, open-ended investment trust established for the purposes of acquiring, owning and operating a 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.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.