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Pure Industrial spends $129.4 million to buy 15 properties from B.C. to Quebec
VANCOUVER – Pure Industrial Real Estate Trust (TSX:AAR.UN) is buying 15 industrial properties in several provinces for $129.4 million.
The properties, comprising 1.4 million square feet of gross leasable area, are located in British Columbia, Alberta, Saskatchewan Manitoba, Ontario and Quebec.
Pure Industrial also said it has a bought deal agreement with a syndicate of underwriters led by Canaccord Genuity Corp. to sell 10 million trust units at a price of $5.05 per unit for gross proceeds of $50.5 million.
It has also granted the underwriters an overallotment option to purchase up to an additional 1.5 million units.
Net proceeds from the financing, together with the proceeds of assumed and new mortgages, will be used to fund the acquisitions.
Pure Industrial owns and operates a diversified portfolio of income-producing industrial properties in primary markets across Canada.
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