Pure Industrial Real Estate Trust (PIRET) has entered into agreements to purchase 11 light industrial properties from Scannell Properties for an aggregate purchase price of approximately US$235 million, representing a capitalization rate of approximately 7.23 per cent.

The portfolio consists of 11 critical-use, ground distribution facilities totaling over 1.9 million square feet, leased entirely to a multinational ground package courier company. The portfolio comprises 10 properties located in the U.S. in major strategic markets within the tenant’s national distribution network, plus one property located in Montreal, Canada.

Kevan Gorrie, PIRET’s Co-CEO and president, commented, “We are excited to make our entry into the U.S. industrial market and the addition of these new properties will enhance the quality of our overall portfolio. We believe this presents a compelling investment opportunity for PIRET.”