PIRET announces $125M financing

Vancouver (pcJ News Briefs) – Pure Industrial Real Estate Trust (PIRET) (TSX: AAR.UN) has engaged BMO Capital Markets and RBC Capital Markets for a bought deal of 20,850,000 trust units at $6.00 per unit for gross proceeds of approximately $125 million.

PIRET has granted the underwriters an over-allotment option to purchase up to an additional 3,127,500 units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the financing.

The financing is expected to close on or about April 5, 2017. Proceeds will be used to selectively repay existing indebtedness, to fund new acquisitions and for general trust purposes.

Pure Industrial Real Estate Trust is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets across Canada and key distribution and logistics markets in the United States.

photo credit: Pure Industrial Real Estate Trust