/NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Aug. 14 /CNW/ - Pure Industrial Real Estate Trust ("PIRET")
announced today that it has filed a final prospectus with the securities
regulatory authorities in each of the provinces of Canada in connection with
its initial public offering of 4,750,000 trust units (the "Trust Units") at a
price of $4.00 per Trust Unit for total gross proceeds of $19 million (the
"Offering"). In conjunction with the Offering, Sunstone Industrial Investments
Inc., an affiliate of Sunstone Industrial Advisors Inc. ("Sunstone
Management"), the asset manager of PIRET, will also purchase
250,000 subordinated units (the "Subordinated Units") for additional gross
proceeds of $1 million. The Trust Units are being offered through a syndicate
of agents (the "Agents") led by Dundee Securities Corporation and RBC Capital
Markets, and including BMO Capital Markets Inc., Raymond James Ltd., Blackmont
Capital Inc., Bieber Securities Inc., Desjardins Securities Inc., MGI
Securities Inc. and Sora Group Wealth Advisors Inc. (the "Agents"). Closing of
the Offering is scheduled to take place on August 22, 2007. PIRET has applied
to the TSX Venture Exchange Inc. to list the trust units on the TSX.V under
the symbol "AAR.UN". Listing of the trust units is a condition of completing
PIRET has also granted the Agents an over-allotment option to purchase up
to an additional 712,500 Trust Units for a period of up to 30 days after
closing of the Offering. To the extent additional Trust Units are issued under
the over-allotment option, Sunstone Management has agreed to subscribe for its
pro rata share of additional Subordinated Units. If the over-allotment option
is exercised in full, the total gross proceeds to PIRET will increase to
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 will focus exclusively on investing in industrial
properties and will be the only publicly traded vehicle in Canada that offers
investors exclusive exposure to Canada's industrial asset class.
The net proceeds from the issuance of the trust and subordinated units
will be used primarily to acquire a portfolio (the "Initial Portfolio") of
10 single-tenant industrial properties located in British Columbia, Alberta,
Manitoba, Ontario and Quebec. A portion of the proceeds will also be used to
pay the costs related to the purchase of the Initial Portfolio and the
expenses of the Offering. Any additional proceeds will be used to acquire
additional industrial properties and for general corporate purposes.
Sunstone Management, as the asset manager of PIRET, will provide PIRET
access to Sunstone Management's experienced management team and its extensive
network of relationships in the Canadian industrial real estate market.
Sunstone Management is affiliated with Sunstone Realty Advisors Inc. and is
controlled by Darren Latoski and Steve Evans.
This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination
in the United States. The securities being offered have not, nor will they be
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This release does not constitute an
offer for sale of securities in the United States.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Additional information about PIRET is available at www.sedar.com or
please contact Darren Latoski at (604) 681-5959.
Darren Latoski, Trustee
For further information:
For further information: Darren Latoski at (604) 681-5959