Pure Industrial Real Estate Trust has entered into agreements to acquire two single-tenant and two multi-tenant industrial properties in Calgary, for a total purchase price of $72 million.

The purchase price represents approximately $100 per square foot, and a going-in capitalization rate of approximately 5.91 per cent.

The Calgary portfolio consists of four properties having a total rentable area of 720,434 square feet. The portfolio is 93 per cent leased to high-quality multi-national, national and regional tenants on a fully net basis, with a weighted average rent of $5.85 per square foot.

Pure Industrial expects to fund the acquisition with the balance of the proceeds of its bought deal offering of subscription receipts, which closed May 1, the proceeds of new first mortgage financing in the amount of approximately $46.8 million, having an anticipated interest rate of 3.75 per cent, and working capital.

The acquisition is expected to close in June.

After the completion of this acquisition and a portfolio of 59 properties located in the Greater Toronto Area and Southwestern Ontario, which was announced in April and is expected to close May 15, Pure Industrial’s portfolio will total 160 properties and approximately 12.56 million square feet.