PR Newswire
VANCOUVER, Oct. 4, 2017
VANCOUVER, Oct. 4, 2017 /PRNewswire/ - Pure Industrial Real Estate Trust (TSX: AAR.UN) (the "Trust") announced today the following completed transactions:
MISSISSAUGA AND MONTREAL ACQUISITIONS
The Trust announced today that it has closed $135.7 million of previously announced acquisitions comprising four assets totaling 463,623 square feet ("SF") and representing a weighted average going-in capitalization rate of approximately 5.3%.
Key highlights of the acquisitions include:
Address | City | Region | GLA | Site | Site | Lease |
5425 Dixie Road | Mississauga | Ontario | 185,218 | 42.9 | 8.60% | 15 |
5200 Maingate Drive | Mississauga | Ontario | 100,350 | 16 | 12.60% | 10 |
3333 Rue Joseph-Dubreuil | Montreal | Quebec | 59,615 | 11 | 12.40% | 10 |
2355 32e Avenue | Montreal | Quebec | 118,440 | 11 | 24.70% | 15 |
Total | | | 463,623 | 80.9 | 13.20% | 13.2 |
The Mississauga and Montreal Acquisitions closed in September 2017 and were funded with existing cash on hand and with net proceeds from the Unsecured Term Loan disclosed herein. The remaining two assets previously disclosed in the July 2017 announcement remain conditional.
GTA EAST ACQUISITION
On August 30, 2017 the Trust completed the previously announced acquisition of a 190,000 SF industrial asset and an adjacent 4.5 acre parcel of land located at 1865 & 1875 Clements Rd., Pickering, Ontario (the "GTA East Acquisition") for a purchase price of $24.0 million, representing a going-in capitalization rate of 5.3% and a price per SF of $118 for the income-producing asset. The GTA East Acquisition was financed with existing cash on hand.
RICHMOND ACQUISITION
On September 7, 2017, the Trust closed the previously announced acquisition of a 268,000 SF distribution facility located at 16108 Blundell Road in Richmond, British Columbia (the "Richmond Acquisition") for a purchase price of $32.6 million, representing a going-in capitalization rate of 5.9% (inclusive of rental payments related to a 49-year ground lease with the Vancouver Port Authority) and a price per SF of $122. The Richmond Acquisition was financed with existing cash on hand.
UNSECURED TERM LOAN
On September 29, 2017, the Trust entered into a $150 million unsecured term loan facility and drew $125 million at closing and has the option to draw the remaining $25 million within six months (the "Unsecured Term Loan"). The Unsecured Term Loan matures on February 28, 2023 and bears interest at investment grade levels.
IMPACT OF THE TRANSACTIONS
Following the acquisitions and the disposition described herein, the Trust expects the following changes to the Trust's top 10 tenants as a percentage of total revenue:
| Pre-Transactions | | | Post Transactions |
FedEx | 21.3% | | FedEx | 20.5% |
IKEA | 4.9% | | TFI International | 8.8% |
TFI International | 4.8% | | IKEA | 4.8% |
ContainerWorld | 3.1% | | ContainerWorld | 3.0% |
Kellogg's | 2.8% | | Kellogg's | 2.7% |
Best Buy | 2.1% | | Best Buy | 2.0% |
Toys 'R' US | 1.9% | | Toys 'R' US | 1.8% |
K+N. | 1.6% | | K+N. | 1.5% |
HBC | 1.6% | | HBC | 1.5% |
DHL Supply | 1.6% | | DHL Supply | 1.5% Werbung Mehr Nachrichten zur PURE INDUSTRIAL REAL ESTATE TRUST Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |