PIRET Rolls Out US Expansion
In May, PIRET CEO Kevan Gorrie said its sale of two non-core industrial properties was about redeploying that gain for acquisitions in core markets. So the announcement PIRET bought 11 US-based ground-level distribution centres for $235M makes sense. The space is leased entirely to a national courier company. With the number of people shopping via e-commerce, PIRET is taking advantage of “unique opportunities to own leading-edge logistics facilities in key US markets,” Kevan says. In addition, the equity raised for this acquisition will enable PIRET to reduce its leverage. “That's an important step towards our goal of lowering our debt-to-GBV to 40% within the next two to three years," he says. (Is that just a fancy way of saying owning a logistics company = FREE SHIPPING!?)
