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Pure Industrial closes C$192M of property purchases

Pure Industrial Real Estate Trust completed property acquisitions worth C$192.3 million and closed on a C$150 million unsecured term loan facility due Feb. 28, 2023.

In September, the trust closed on C$135.7 million of purchases comprising four assets, representing a weighted average going-in cap rate of roughly 5.3%. The properties span an aggregate 463,623 square feet and are spread across Mississauga, Ontario; and Montreal, Quebec. The company funded the purchases through existing cash on hand along with net proceeds from the unsecured term loan.

In addition, the trust completed its purchase of a 190,000-square-foot industrial asset and an adjacent 4.5-acre land parcel at 1865 & 1875 Clements Rd. in Pickering, Ontario, for C$24.0 million, representing a going-in cap rate of 5.3%. The trust financed the acquisition through available cash on hand.

The company also sealed the purchase of a 268,000-square-foot distribution facility at 16108 Blundell Rd. in Richmond, British Columbia, for C$32.6 million, representing a going-in cap rate of 5.9%.