NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, Feb. 14, 2012 /CNW/ - Pure Industrial Real Estate Trust
(TSXV: AAR.UN) ("PIRET") announced today that it has entered into an
agreement to sell to a syndicate of underwriters led by Canaccord
Genuity Corp. and Dundee Securities Ltd. (the "Underwriters"), on a
bought deal basis, 7,000,000 trust units ("Units") at a price of $4.50
per Unit for gross proceeds to PIRET of approximately $31.5 million
PIRET has also granted the Underwriters an over-allotment option to
purchase up to an additional 1,050,000 Units on the same terms and
conditions, exercisable at any time, in whole or in part, up to 30 days
after the closing of the Financing. The Financing is expected to close
on or about March 1, 2012 and is subject to regulatory approval.
The proceeds from the Financing will be used to fund prospective
acquisitions of income producing industrial properties and for general
Darren Latoski, Co-CEO of PIRET, said "PIRET has a robust acquisition
pipeline and is continuing to identify high quality, well tenanted
industrial properties across Canada which we can acquire on an
accretive basis. The Canadian industrial real estate sector is
continuing to perform well, and we are excited to continue our 2012
acquisition campaign as we secure opportunities that will add value to
our existing portfolio."
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 only publicly traded vehicle 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.
For more information please contact:
Director of Investor Relations
Certain statements contained in this news 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
that the Financing is expected to close on or about March 1, 2012. 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
and use of proceeds from the Financing.
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 Financing, competitive factors in
the industries in which PIRET operates, prevailing economic conditions,
and other factors, many of which are beyond the control of PIRET.
The forward-looking statements contained in this news 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(as that term is defined in the policies of the TSX Venture Exchange)
HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY
OF THIS RELEASE.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
SOURCE Pure Industrial Real Estate Trust (PIRET)
For further information:
Pure Industrial Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
TSX Venture Exchange - AAR.UN