/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Jan. 11, 2012 /CNW/ - Pure Industrial Real Estate Trust
(TSXV: AAR.UN) ("PIRET") announced today that its previously announced
offering (the "Financing") of trust units ("Units") has been increased
to approximately $30.2 million of Units at a price of $4.20 per Unit.
The offering is being sold on a bought deal basis to a syndicate of
underwriters co-led by Canaccord Genuity Corp. and Dundee Securities
Ltd. Closing is expected to occur on January 31, 2012, subject to
regulatory approval. PIRET has also granted the underwriters an option,
exercisable at any time until 30 days following the closing of the
offering, to purchase a further 1,080,000 units at the issue price
which, if fully exercised, would result in additional gross proceeds of
$4,536,000. The proceeds from the Financing will be used to fund the
previously announced acquisitions, repay short-term debt and for
general corporate purposes.
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.
TSX Venture Exchange - AAR.UN
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 January 31, 2012
and that the purchase price of the Acquisitions is expected to be
settled with the proceeds of the Financing. 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:
Director of Investor Relations
Pure Industrial Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959