Vancouver-based Pure Industrial Real Estate Trust (PIRET) announced today its acquisition of $132.5 million of income producing properties in Alberta, Ontario and Manitoba.
The properties consist of 24 industrial buildings, representing approximately 1.4 million square feet of gross leasable area (GLA).
PIRET (TSXV: AAR.UN) raised $52 million to finance the deals as well as to repay debt with Canaccord Genuity Corp. and Dundee Securities Corp. acting as underwriters.
Darren Latoski, acting CEO of PIRET, said “PIRET is continuing to execute on its accretive growth strategy by acquiring high-quality, well-tenanted industrial properties across Canada.
“The acquisitions increase PIRET's property portfolio GLA by 53%. PIRET continues to take advantage of its well-established pipeline of acquisition opportunities and strengthen its status as Canada’s only publicly traded REIT focused exclusively on industrial real estate.”
Following the completion of the acquisitions, PIRET's portfolio will comprise 63 properties, which represent approximately 4.1 million square feet of GLA.
PIRET's portfolio will be diversified across Canada, with 15% in B.C., 25% in Alberta, 4% in Saskatchewan, 10% in Manitoba, 38% in Ontario, 5% in Quebec and 3% in New Brunswick.
PIRET is an unincorporated, open-ended investment trust established to acquire, own and operate a diversified portfolio of income-producing industrial properties in primary markets across Canada.