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Press release from CNW Group

Pure Industrial Real Estate Trust Successfully Closes Previously Announced Acquisition and Announces Restricted Unit Redemption

Tuesday, March 26, 2013

Pure Industrial Real Estate Trust Successfully Closes Previously Announced Acquisition and Announces Restricted Unit Redemption21:37 EDT Tuesday, March 26, 2013/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./VANCOUVER, March 26, 2013 /CNW/ -Pure Industrial Real Estate Trust ("PIRET" or the "Trust") (TSX: AAR.UN) today announced the successful closing of a multi-tenant industrial property located in Balzac, Alberta (the "Balzac Property") for a purchase price of $8,850,000.The Balzac Property, located at 261106 Wagon Wheel Crescent, Balzac, Alberta, consists of a multi-tenant property comprising 58,772 square feet of gross leasable area ("GLA").  PIRET acquired the property at a going-in capitalization rate of 7.07% using proceeds from the bought deal financing that closed on February 12, 2013, and first mortgage financing representing approximately 68% of the purchase price.  The mortgage financing bears an interest rate of 3.65% per annum for a term of 5 years.After completing the acquisition, PIRET's portfolio will total 97 properties and approximately 8.2 million square feet of GLA.  PIRET's year-to-date acquisitions are summarized below:             Property/Portfolio Municipality and Province # of Properties GLA (sf) Price ($million) Going In Cap Rate Occupancy13055 80th Avenue Surrey, BC 1 38,232 $    4.60 5.97% 100%18111 Blundell Road Richmond, BC 1 412,375 44.10 6.21% 100%Edmonton Portfolio Edmonton, AB 3 264,941 21.80 6.74% 100%16111 Blundell Road Richmond, BC 1 279,742 32.32 6.04% 100%East-West Portfolio Various 4 263,896 25.33 8.13% 100%261106 Wagon WheelCrescent Balzac, AB 1 58,772 8.85 7.07% 100%    11 1,317,958 $ 137.00 6.06% 100%Redemption of Restricted UnitsPIRET also announces today the issuance of 41,662 Class A Units (the "Units") of the Trust as of March 22, 2013 to four trustees who exercised the right to redeem Restricted Units which vested under PIRET's Restricted Unit Plan on March 11, 2013. The Units were issued at a deemed redemption price of $5.21 per Unit for total value of $217,058.38.After the issuance of the Units, PIRET has 99,261,055 Units issued and outstanding.About Pure Industrial Real Estate Trust PIRET is an unincorporated, open-ended investment trust established for the purposes of acquiring, owning and operating a diversified portfolio of income-producing industrial properties in primary markets across Canada.  PIRET focuses exclusively on investing in industrial properties and is the largest internally managed publicly traded REIT in Canada that offers investors exclusive exposure to Canada's industrial asset class.Additional information about PIRET is available at www.piret.ca or www.sedar.com.TSX - AAR.UNThe Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release. SOURCE: Pure Industrial Real Estate Trust (PIRET)For further information: Andrew Greig, Director of Investor Relations Suite 910, 925 West Georgia Street Vancouver, BC  V6C 3L2 Phone: (604) 681-5959 or (888) 681-5959 E-mail: agreig@piret.ca