Press release from CNW Group
Pure Industrial Real Estate Trust Announces Normal Course Issuer Bid
Thursday, August 29, 2013
Pure Industrial Real Estate Trust Announces Normal Course Issuer Bid01:02 EDT Thursday, August 29, 2013
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, Aug. 28, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) announced today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid (the "Bid").
The notice provides that PIRET may, during the twelve month period commencing September 3, 2013 and ending September 2, 2014, purchase for cancellation on the TSX up to 3,000,000 Class A units (each, a "Unit") in total, being approximately 2.21% of the outstanding Units as of the date hereof. The daily repurchase restriction for the Units is 88,503 Units, which represents 25% of the average daily trading volume of 354,015 Units on the TSX for the six months ended July 31, 2013.
All purchases under the Bid will be made on the open market through the facilities of the TSX, Alpha or alternate trading systems in Canada at market prices prevailing at the time of purchase. The actual number of Units which may be purchased and the timing of any such purchases will be subject to compliance with the TSX rules. Any Units that are purchased under the Bid will be cancelled.
PIRET believes that its Units have been trading in a price range which does not adequately reflect the value of such Units in relation to PIRET's business and its future business prospects. Accordingly, depending upon future price movements and other factors, PIRET believes that the purchase of outstanding Units may from time to time be an appropriate use of available resources and benefit remaining unitholders by increasing their proportionate equity interest in PIRET.
PIRET has not purchased any of its Units within the past 12 months. PIRET currently has 135,716,055 Units issued and outstanding.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that acquires, owns and operates 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.
The 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:
Director of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 398-2836 or (888) 681-5959
TSX - AAR.UN