/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.
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.
For further information:
Director of Investor Relations