/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, June 15, 2016 /CNW/ - Pure Industrial Real
Estate Trust ("PIRET") (TSX: AAR.UN) today announced the closing of
its previously announced public offering (the "Offering") of
29,670,000 Class A trust units (each, a "Unit"), inclusive of
3,870,000 Units issued pursuant to the exercise in full of the
over-allotment option, on a bought deal basis, at a price of
$5.05 per Unit for total gross
proceeds of $149,833,500. The
Offering was conducted through a syndicate of underwriters co-led
by BMO Capital Markets and RBC Capital Markets, on their own behalf
and on behalf of CIBC World Markets Inc., Canaccord Genuity Corp.,
National Bank Financial Inc., Scotia Capital Inc., TD Securities
Inc., Desjardins Securities Inc., Dundee Securities Ltd., Echelon
Wealth Partners Inc., GMP Securities L.P., Industrial Alliance
Securities Inc. and Raymond James Ltd.
PIRET intends to use the net proceeds from the Offering
primarily for the repayment of existing indebtedness, to fund a
planned development project in Vancouver, for tenant expansion projects in
Ontario and the U.S., acquisitions
and for general trust purposes, as described in greater detail
under the heading "Use of Proceeds" in PIRET's prospectus
supplement dated June 8, 2016,
available on SEDAR at www.sedar.com. Pro forma the
Offering and the intended use of proceeds therefrom, PIRET's
leverage will decline to 43.7% of gross-book value (as at
March 31, 2016).
PIRET's Units are listed on the Toronto Stock Exchange under the
symbol AAR.UN. PIRET now has 216,261,159 Units issued and
outstanding.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that
owns and operates a diversified portfolio of income-producing
industrial properties in leading markets. PIRET is an internally
managed REIT that focuses exclusively on investing in industrial
properties.
Additional information about PIRET is available at www.piret.ca
or www.sedar.com.
Forward-Looking Information:
Certain statements contained in this press 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: (i) PIRET intends to use the net
proceeds from the Offering primarily for the repayment of existing
indebtedness, to fund a planned development project in Vancouver, for tenant expansion projects in
Ontario and the U.S., acquisitions
and for general trust purposes, and (ii) pro forma the Offering and
the intended use of proceeds therefrom, PIRET's leverage will
decline to 43.7% of gross-book value. 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.
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, competitive factors in the
industries in which PIRET operates, prevailing economic conditions,
and other factors, many of which are beyond the control of the
PIRET.
The forward-looking statements contained in this press
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)