Oct. 20, 2010 (Canada NewsWire Group) --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, Oct. 20 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSXV: AAR.UN) today announced the closing of its previously announced public offering (the "Offering") of 5,865,000 trust units ("Units") (inclusive of 765,000 Units issued pursuant to the exercise in full of the over-allotment option), on a bought deal basis, at a price of $3.65 per Unit for total gross proceeds of $21,407,250. The Offering was conducted through a syndicate of underwriters led by Canaccord Genuity Corp. and Dundee Securities Corporation, as co-lead underwriters, and including RBC Dominion Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd. (the "Underwriters").
PIRET intends to use the net proceeds from the Offering and the over-allotment option to fund property acquisitions and for general working capital purposes.
PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN.
PIRET now has 27,141,263 Units outstanding.
For more information on PIRET, visit our website at www.piret.ca.
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.
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 PIRET intends to use the net proceeds from the Offering and the over-allotment option to fund property acquisitions and for general working capital purposes. 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 the property acquistions.
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 property acquisitions, 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 the PIRET's expectations as of the date hereof, and are subject to change after such date. The 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.
Darren Latoski, Acting Chief Executive Officer
Steve Evans, Acting Chief Financial Officer
Andrew Greig, Director of Investor Relations