Pure Industrial Real Estate Trust confirms closing of $29.5 million of previously announced acquisitions



    VANCOUVER, Dec. 21 /CNW/ - Pure Industrial Real Estate Trust ("PIRET")
(TSXV: AAR.UN) today announced the successful closing of five industrial
acquisitions that were previously announced on November 8th, 2007, as well as
a sixth acquisition that was previously announced on October 30, 2007.
Together, this six asset portfolio combines to form a six asset sale and
leaseback agreement with Shanahan's Manufacturing Limited, a manufacturer and
distributor of construction specialty products throughout Canada and the
United States.
    This "offmarket" transaction adds six industrial properties in Western
Canada totaling 236,187 square feet. The properties are located in strong
industrial precincts of Calgary, Edmonton, Saskatoon, Regina, and Winnipeg.
The total purchase price for this six asset portfolio is $18.7 million,
representing a blended cap rate of 7.25% over the term of the lease.

    Recent Acquisitions:

    PIRET has already closed on the first two assets of a target portfolio of
8 industrial assets that have been announced since October 2007. The "Tornado
Property", which is located at 4907 32nd Street SE in Calgary, Alberta, was
acquired on November 19th, 2007 for $3.9 million. Additionally, 130 Harry
Walker Parkway, located in Newmarket Ontario, was acquired for $6.9 million on
December 17th, 2007. Both assets were closed using a combination of mortgage
financing and cash on hand. The following is a summary of PIRET's recent
transactions:

    
    -------------------------------------------------------------------------
          Property             GLA    Purchase   Tenant     Lease     Closed
                            (Sq. Ft.)   Price              Maturity
    -------------------------------------------------------------------------
    4907 - 32nd Street SE                        Tornado    Nov. 4,  Nov. 20,
         Calgary, AB         19,534    $3.9MM  Technologies  2012      2007
                                                   Inc.
    -------------------------------------------------------------------------
    130 Harry Walker Place                       Eurospec   Dec. 31, Dec. 17,
        Newmarket, ON        87,451    $6.9MM  Manufacturing  2019     2007
                                                   Inc.
    -------------------------------------------------------------------------
    2705 - 2737 57th Ave. SE                                Oct. 30,
         Calgary, AB        108,800    $8.2MM                 2020
    ------------------------------------------              --------
    2808 - 58th Ave. SE                                     Oct. 30,
         Calgary, AB         48,220    $4.8MM  Shanahan's     2012   Dec. 20,
    ------------------------------------------   Limited    --------   2007
      16295 - 132nd Ave                        Partnership  Oct. 30,
        Edmonton, AB         40,147    $3.6MM                 2012
    ------------------------------------------              --------
    509 - 44th Street East                                  Oct. 30,
        Saskatoon, SK        11,100  $0.56 MM                 2012
    ------------------------------------------              --------
      225 Quebec Street                                     Oct. 30,
         Regina, SK           8,100  $0.49 MM                 2012
    ------------------------------------------              --------
        90 Park Lane                                        Oct. 30,
        Winnipeg, MN         19,820  $1.05 MM                 2012
    -------------------------------------------------------------------------
    

    Financial Leverage

    The purchase price for all 8 assets in the target portfolio was funded by
new first mortgage financing totaling $19.675 million, and the balance cash
from proceeds of the recently closed follow on Offering of trust units. The
mortgage financing has an estimated weighted average interest rate of 5.75%,
and a weighted average term to maturity of 6.64 years. The properties are 100%
leased with an average remaining lease term of approximately 10.3 years.
    "PIRET has acquired over $69 million of industrial assets since our debut
in August 2007, and deal flow pipeline in our target market continues to be
strong", added Steve Evans, PIRET's Acting COO. "Including the recently closed
acquisitions, PIRET's industrial portfolio has increased to 18 properties and
approximately 800,000 square feet of gross leasable area of which
approximately 20% is located in Quebec, 14% in Ontario, 4% in Manitoba, 2% in
Saskatchewan, 43% in Alberta, and 14% in B.C.
    PIRET's Units are listed on the TSE Venture Exchange under the symbol
AAR.UN. For more information on PIRET, visit our website at www.piret.ca

    About Pure Industrial Real Estate Trust (PIRET)

    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 both primary and secondary 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.

    Forward-Looking Statements
    --------------------------

    Certain statements in this press release may constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. When used in this press release, such statements often use, but
are not limited to, such words as "may", "will", "expect", "should",
"believe", "intend", "plan", "anticipate", "potential", and other similar
terminology. These statements reflect current expectations of management
regarding future events and operating performance and speak only as of the
date of this press release. Forward-looking statements involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate indications of
whether or not such results will be achieved. A number of factors could cause
actual results to differ materially from the results discussed in the
forward-looking statements, including, but not limited to, the following
factors: competitive and economic environment, the results of due diligence
inquiries and negotiation of acquisition documents, impact of changes to tax
treatment of income trusts or dividend tax credits, foreign exchange,
seasonality, inability to close or realize accretive benefits from
acquisitions, fluctuation of cash distributions and nature of trust units.
Although the forward-looking statements contained in this press release are
based upon what PIRET's management believes to be reasonable assumptions,
PIRET cannot assure investors that actual results will be consistent with
these forward-looking statements. These forward-looking statements are made as
of the date of this press release and PIRET assumes no obligation to update or
revise them to reflect new events or circumstances.

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




For further information:

For further information: Steve Evans, Acting Chief Operating Officer,
Andrew Greig, 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, E-mail: agreig@piret.ca,
www.piret.ca


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