Pure Industrial Real Estate Trust Announces Closing of the Over-Allotment Option

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

VANCOUVER, Dec. 27, 2012 /CNW/ - Pure Industrial Real Estate Trust (TSX: AAR.UN) ("PIRET") announced today that it has completed the issuance of 963,900 trust units at a price of $4.75 per trust unit pursuant to the partial exercise of the over-allotment option granted to the syndicate of underwriters led by Canaccord Genuity Corp., as lead underwriter, and including Dundee Securities Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Macquarie Capital Markets Canada Ltd., GMP Securities L.P., HSBC Securities (Canada) Inc., M Partners Inc., and Sora Group Wealth Advisors Inc. (collectively, the "Underwriters").

The over-allotment option was granted by PIRET to the Underwriters in connection with PIRET's previously announced public offering (the "Offering") which was completed on December 12, 2012. Including the over-allotment, PIRET issued 11,493,900 trust units for aggregate gross proceeds of $54,596,025. PIRET now has 84,917,888 trust units outstanding.

PIRET intends to use the net proceeds from the Offering to fund prospective acquisitions of income producing industrial properties and for general working capital purposes.

PIRET's units are listed on the Toronto Stock Exchange under the symbol AAR.UN.

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 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 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.   The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by PIRET, including: PIRET intends to use the net proceeds from the Offering to fund prospective acquisitions of income producing industrial properties and for general working capital purposes.

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, 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.

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

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