Mr.
Andrew Greig reports
PURE INDUSTRIAL REAL ESTATE TRUST SECURES MORTGAGE FINANCING OF $110 MILLION
Pure Industrial Real Estate Trust has successfully closed on a $110-million mortgage financing.
The trust obtained a first mortgage financing of $110-million on the recently constructed, state-of-the-art, 422,433-square-foot, logistics and distribution facility in Vaughan, Ont. The mortgage bears interest at a fixed rate of 3.4 per cent per annum over a term of 10 years. Including the new mortgage, PIRET's weighted average debt to maturity has been extended from 4.2 to 4.8 years, and the trust's effective weighted average interest rate on its term debt has been reduced to 4.05 per cent.
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