SOURCE: Pure Industrial Real Estate Trust

Pure Industrial Real Estate Trust

July 28, 2016 20:01 ET

Pure Industrial Real Estate Trust Secures Mortgage Financing of $110 Million

VANCOUVER, BC--(Marketwired - July 28, 2016) - Pure Industrial Real Estate Trust ("PIRET" or the "Trust") (TSX: AAR.UN) today announced that the Trust has successfully closed on a $110 million mortgage financing.

The Trust obtained a first mortgage financing of $110,000,000 on the recently constructed state of the art, 422,433 square feet, logistics and distribution facility in Vaughan, Ontario. The mortgage bears interest at a fixed rate of 3.40% per annum over a term of 10 years. Including the new mortgage, PIRET's weighted average debt-to-maturity has been extended from 4.2 to 4.8 years and the Trust's effective weighted average interest rate on its term debt has been reduced to 4.05%.

About Pure Industrial Real Estate Trust

PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.

Additional information about PIRET is available at www.piret.ca or www.sedar.com.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Contact Information

  • For more information, please contact:
    Andrew Greig
    Director of Investor Relations
    Suite 910, 925 West Georgia Street
    Vancouver, BC V6C 3L2
    Phone: (604) 398-2836 or (888) 681-5959
    E-mail: agreig@piret.ca
    TSX - AAR.UN