Pure Industrial Real Estate Trust (PIRET) has finalized the purchase of a western Canadian portfolio, including one Ontario-based property for $55 million.

Located in Edmonton, Calgary and Winnipeg, the properties are 100 per cent leased to two national and international logistics firms and total more than 137,000 square feet across 24 acres.

There is also room for future expansion with roughly 9.6 acres of excess land in Edmonton and 3.9 acres in Calgary.

The single-tenant industrial property in Ontario is situated at 125 Maple Grove Road on a 12.5 acre spot. The 13-year-old renovated building remains fully leased for the next five years.

Kevan Gorrie, president and co-chief executive officer, said the purchase provides “value-add potential through development” and a significant cash flow.

“Furthermore, we have accretively redeployed the net proceeds from our co-ownership transaction announced on October 30th of this year,” he added, “and we continue to maintain an adequate level of working capital that affords the flexibility to execute on future strategic growth opportunities.”

PIRET’s portfolio will be upgraded to 174 properties with a gross leasable area of 16.2 million square feet after this new procurement.