Pure Industrial Real Estate Trust secures mortgage financing of USD12.3m
Pure Industrial Real Estate Trust (PIRET) has secured additional mortgage financing for USD12.3m.
PIRET obtained first mortgage financings of USD10,620,000 and USD1,680,000 on the properties at 12155 - 154th Street, Edmonton, Alberta and 515 Welham Road, Barrie, Ontario, respectively.
The mortgages bear interest at 4.70 per cent per annum over a term of 20 years.
Including the new mortgages, PIRET's weighted average debt-to-maturity has been extended from 4.9 to 5.6 years.
Darren Latoski, co-chief executive of PIRET, says: "This new 20 year mortgage financing further illustrates our goal of predictability of cash flow through long term debt maturities. We will continue to actively manage our cash requirements to achieve the trust's short- and long-term objectives."
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