Pure Industrial REIT to buy nine properties for a total of $131.4 million

TORONTO – Pure Industrial Real Estate Trust (TSX:AAR.UN) said Wednesday that it has signed several deals to buy nine industrial properties for a total of $131.4 million.

The properties include one in Calgary and eight in southern Ontario.

To help pay for the deal, the trust said it has agreed to raise $65.1 million in an offering of units.

A syndicate of underwriters led by Canaccord Genuity Corp., RBC Capital Markets and BMO Nesbitt Burns Inc. have agreed to a bought deal for 14.3 million trust units at a price of $4.55 per unit.

The underwriters have also been granted an overallotment option for up to an additional 2.145 million units on the same terms.

Units in the trust, which were halted pending the announcement, were up three cents at $4.68 on the Toronto Stock Exchange on Wednesday.

Pure also announced that its president, Kevan Gorrie, will add the title of co-chief executive. Gorrie will share the chief executive duties with Stephen Evans.