Pure Industrial Real Estate Trust has closed a single tenant, income-producing industrial property for a total purchase price of CAD14,800,000.

The tenant, Top-Co, has entered into a 20 year net care-free lease with Pure Industrial.

Founded in 1963, Top-Co is focused on the design and manufacture of float and mechanical oil and gas well cementing products.

Situated on 7.78 acres, the property is a 130,944 square foot facility located in the southeast industrial area of Edmonton, Alberta.

Pure Industrial funded the acquisitions with equity from the bought deal financing announced on 18 May 2010 and a new first mortgage in the amount of CAD9,620,000 bearing interest at a rate of 5.35 per cent, and maturing in 2020.

The asset is being acquired at a favourable going-in cap rate of 7.87 per cent.

After completing this acquisition, Pure Industrial has completed more than CAD100m in acquisitions since January 2010.