/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 22, 2013 /CNW/ - Pure Industrial Real Estate Trust (TSX:
AAR.UN) ("PIRET") announced today that as a result of strong investor
demand for its previously announced Financing, it has agreed to
increase the size of the offering to 12,000,000 Units. The Units are
being offered on a bought deal basis to a syndicate of underwriters led
by Canaccord Genuity Corp. The Units will be issued at a price of $5.05
per Unit, for aggregate gross proceeds of $60,600,000. PIRET has also
granted the underwriters an overallotment option to purchase up to an
additional 1,800,000 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 net proceeds from the Financing, together with the proceeds of
assumed and new mortgages, will be used to fund the previously
announced Acquisitions, prospective acquisitions of income producing
industrial properties 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 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.
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
the following: (i) the Financing is expected to close on or about
February 12, 2013 and is subject to regulatory approval; and (ii) in
aggregate, PIRET intends to place and assume new and existing mortgage
financing in respect of the Acquisitions in the aggregate of
approximately $77.7 million, bearing an anticipated weighted average
interest rate of 3.90%.
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 or mortgage financings,
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.
Toronto Stock Exchange - AAR.UN
SOURCE: Pure Industrial Real Estate Trust (PIRET)
For further information:
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