June 7, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Pure Industrial Real Estate Trust (“PIRET”) (TSX Venture: AAR) said it has closed its acquisition of a single tenant industrial property for a total purchase price of $7.05 million.

The tenant, Federal Express Canada Ltd., has entered into a 20 year net care-free lease with PIRET. FedEx is a wholly owned subsidiary of FedEx Corp. (NYSE: FDX).

The property is a newly constructed facility that was designed and built to FedEx's specifications and is located in the east end of suburban Montreal. The building is 49,035 square feet, with 28 foot ceilings and sits on 5.12 acres. The facility will serve as FedEx's Montreal east end package sorting and distribution centre.

PIRET said it funded the acquisitions with equity from the bought deal financing which closed on May 18, 2010. The company said that the asset is being acquired at a going-in cap rate of 7.68%.

After completing this acquisition, PIRET will have completed over $86 million in new acquisitions since January 2010.

Canada-based 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.

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