Pure Industrial Real Estate Trust makes C$365m of acquisitions
Pure Industrial Real Estate Trust has entered into agreements to acquire a total of C$365 million ($291 million) of income-producing properties located within primary Canadian markets.
The acquisitions represent three separate transactions, comprising eight distribution and logistics facilities, as follows: four assets located in the Greater Toronto Area, two assets located in Montreal and two assets located in Edmonton, representing an aggregate of approximately 1.9 million square feet of gross leasable area on 181 acres of land. The properties, upon closing, will be 100 percent occupied and leased to high-quality multinational tenants under long-term lease agreements.
The acquisitions represent a geographic weighting by net operating income of Mississauga/Brampton/Vaughan 72 percent, Montreal 10 percent, Edmonton 18 percent, and increase the Trust’s exposure to the Ontario market to approximately 35 percent of total NOI.
Pure Industrial Real Estate Trust has now announced year-to-date C$647.8 million ($517 million) in acquisitions as well as C$148.6 million ($118.6 million) of dispositions.