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Press release from CNW Group

Pure Industrial Real Estate Trust Announces Closing of $184.1 Million Bought Deal

Wednesday, May 01, 2013

Pure Industrial Real Estate Trust Announces Closing of $184.1 Million Bought Deal

08:54 EDT Wednesday, May 01, 2013

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, May 1, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the closing of its previously announced public offering (the "Offering") of 36,455,000 subscription receipts ("Subscription Receipts"), inclusive of 4,755,000 Subscription Receipts issued pursuant to the exercise in full of the over-allotment option, on a bought deal basis, at a price of $5.05 per Subscription Receipt for total gross proceeds of $184,097,750.  The Offering was conducted through a syndicate of underwriters co-led by Canaccord Genuity Corp., RBC Capital Markets and BMO Nesbitt Burns Inc. (together, the "Co-Lead Underwriters"), on their own behalf and for and on behalf of CIBC World Markets Inc., Scotia Capital Inc., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., GMP Securities L.P. and HSBC Securities (Canada) Inc. (together with the Co-Lead Underwriters, the "Underwriters").

PIRET intends to use the net proceeds from the Offering to fund the acquisition (the "Acquisition") of 59 industrial properties located throughout the Greater Toronto Area and Southwestern Ontario, as described in greater detail in its short form prospectus (the "Prospectus") dated April 24, 2013, available on SEDAR at www.sedar.com, and for general working capital purposes.  The closing of the Acquisition is expected to occur on or about May 15, 2013.  The proceeds from the Offering will be held by Computershare Trust Company of Canada as the subscription receipt agent, pending the closing of the Acquisition.

Each Subscription Receipt entitles the holder to receive, without payment of additional consideration, one Class A unit (each, a "Unit") of PIRET upon the closing of the Acquisition, subject to certain conditions.  In the event that: (i) the completion of the Acquisition does not occur on or before July 15, 2013; (ii) PIRET delivers to the Underwriters a notice declaring that it will not be proceeding with the Acquisition; or (iii) PIRET formally announces to the public by way of press release that it does not intend to proceed with the Acquisition, holders of Subscription Receipts will be entitled to their pro rata share of the net proceeds of the Offering, as well as their pro rata share of accrued interest.  Additional information about the Subscription Receipts is included in the Prospectus.

The Subscription Receipts are listed on the Toronto Stock Exchange ("TSX") under the symbol AAR.R.  PIRET's Units are listed on the TSX under the symbol AAR.UN.  PIRET has 99,261,055 Units issued and outstanding as of the date hereof.  Upon closing of the Acquisition, and the exchange of Subscription Receipts for Units, PIRET will have 135,716,055 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.

Forward-Looking Information:

Certain statements contained in this press release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements in this news release include the following: PIRET intends to use the net proceeds from the Offering to fund the acquisition (the "Acquisition") of 59 industrial properties located throughout the Greater Toronto Area and Southwestern Ontario, as described in greater detail in its prospectus dated April 24, 2013, and for general working capital purposes; the closing of the Acquisition is expected to occur on or about May 15, 2013; and upon closing of the Acquisition, the exchange of Subscription Receipts for Units, PIRET will have 135,716,055 Units issued and outstanding. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by PIRET, including: expectations and assumptions concerning receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the property acquistions.

Although PIRET believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PIRET can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the property acquisitions, competitive factors in the industries in which PIRET operates, prevailing economic conditions, and other factors, many of which are beyond the control of the PIRET.

The forward-looking statements contained in this press release represent PIRET's expectations as of the date hereof, and are subject to change after such date. PIRET disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE: Pure Industrial Real Estate Trust (PIRET)

For further information:

Andrew Greig,
Director of Investor Relations
Pure Industrial  Real Estate Trust
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
E-mail: agreig@piret.ca
www.piret.ca
Toronto Stock Exchange - AAR.UN, AAR.R

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