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VANCOUVER, April 28 /PRNewswire-FirstCall/ - Pure Industrial Real Estate Trust (TSXV: AAR.UN) ("PIRET" or the "REIT") announced today that it has entered into agreements to acquire $132.5 million of income producing properties (the "Acquisitions"), consisting of 24 industrial buildings representing approximately 1,408,294 square feet of gross leasable area ("GLA"). The Acquisitions consist of a group of 20 properties located in Ontario and Alberta (the "Ontario and Alberta Properties"), an individual property in Edmonton, Alberta (the "70th Street Property"), an individual property in Winnipeg, Manitoba (the "Inkster Blvd. Property") and two properties in Oakville, Ontario (the "Winston Park Drive Properties"). The properties are being acquired at a weighted average going-in capitalization rate of 7.15%.

PIRET has also entered into an agreement to sell to a syndicate of underwriters led by Canaccord Genuity Corp. and Dundee Securities Corporation (the "Underwriters"), on a bought deal basis, 12,700,000 trust units ("Units") at a price of $4.10 per Unit for gross proceeds to PIRET of approximately $52.0 million (the "Financing"). PIRET has also granted the Underwriters an over-allotment option to purchase up to an additional 1,905,000 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 Financing is expected to close on or about May 17, 2011 and is subject to regulatory approval.

The use of proceeds from the Financing will be used to fund the Acquisitions, repayment of debt and generate corporate purposes.

The Ontario and Alberta Properties are located throughout the provinces of Ontario and Alberta and represent approximately 831,923 square feet of GLA. The Ontario and Alberta Properties are 95% leased to high quality national and regional tenants with a weighted average lease term of approximately 4.6 years. The aggregate purchase price for the Ontario and Alberta Properties is approximately $71.7 million, including an allowance for future capital costs.

The 70th Street Property represents approximately 138,633 square feet of GLA and is 100% leased to high quality national and regional tenants with a weighted average lease term of approximately 5.5 years. The aggregate purchase price for the 70th Street Property is approximately $28.8 million.

The Inkster Blvd. Property represents approximately 265,843 square feet of GLA and is 100% leased to high quality national and regional tenants with a weighted average lease term of approximately 3.8 years. The aggregate purchase price for the Inkster Blvd. Property is approximately $15.5 million.

The Winston Park Drive Properties represent approximately 171,895 square feet of GLA and are 100% leased to high quality national and regional tenants with a weighted average lease term of approximately 2.1 years. The purchase price for the Winston Park Drive Properties is approximately $16.7 million.

The purchase price of the acquisitions is expected to be settled with the proceeds of the Financing and approximately $87.4 million of mortgage financing bearing an anticipated weighted average interest rate of 4.61%.

Darren Latoski, Acting CEO of PIRET, said "PIRET is continuing to execute on its accretive growth strategy by acquiring high quality, well tenanted industrial properties across Canada. The Acquisitions increase PIRET's property portfolio GLA by 53%.  PIRET continues to take advantage of its well-established pipeline of acquisition opportunities and strengthen its status as Canada's only publicly traded REIT focused exclusively on industrial real estate."

PIRET is also pleased to announce that it has closed the acquisition of an industrial property located in Delta, British Columbia (the "Delta Property").  The Delta Property represents approximately 73,396 square feet of GLA and is 100% leased to high quality regional tenant with a lease term of approximately 17 years. The purchase price for the Delta Property is approximately $9.3 million, which represents a going-in capitalization rate of 6.74%. The purchase price of the Delta Property was settled with approximately $4.3 million of mortgage financing bearing an interest rate of 5.9%, and PIRET's existing operating facility.

Immediately following the completion of the Acquisitions, including the acquisition of the Delta Property, PIRET's portfolio will comprise 63 properties, which represent approximately 4.1 million square feet of GLA.  PIRET's portfolio (by GLA) will be diversified across Canada with 15% in British Columbia, 25% in Alberta, 4% in Saskatchewan, 10% in Manitoba, 38% in Ontario, 5% in Quebec and 3% in New Brunswick.

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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.

Additional information about PIRET is available at www.piret.ca or www.sedar.com.

Forward-Looking Information:

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 May 17, 2011 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 the REIT, 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 the REIT 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 the REIT 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 the REIT operates, prevailing economic conditions, and other factors, many of which are beyond the control of the REIT.

The forward-looking statements contained in this news release represent the REIT's expectations as of the date hereof, and are subject to change after such date.  The REIT 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.

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SOURCE Pure Industrial Real Estate Trust (PIRET)