Dundee Industrial REIT
TSX : DIR.UN

Dundee Industrial REIT

October 17, 2012 08:49 ET

Dundee Industrial REIT Completes $23.25 Million Over-Allotment Option

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

DUNDEE INDUSTRIAL REIT (TSX:DIR.UN) today announced the closing of the issuance of an additional 2,325,000 Units at a price of $10.00 per unit for gross proceeds of $23,250,000. The issuance was pursuant to the exercise by the underwriters of their over-allotment option, in full, with respect to Dundee Industrial REIT's recently completed initial public offering of 15,500,000 Units on October 4, 2012. The exercise of the over-allotment option increases the total gross proceeds of the public offering to $178,250,000.

The net proceeds from the exercise of the over-allotment option will be used by Dundee Industrial REIT for general trust purposes, including potential acquisitions. Following the completion of the over-allotment option, Dundee REIT indirectly holds an approximate 44.1% interest in Dundee Industrial REIT.

This press release is not an offer of securities for sale in the United States. The units being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

Dundee Industrial REIT is an unincorporated, open-ended real estate investment trust. Dundee Industrial REIT owns a portfolio of 77 primarily light industrial properties comprising approximately 6.0 million square feet of gross leasable area in key industrial markets across Canada. Its objective is to build upon and grow its portfolio and to provide stable, sustainable and growing distributions to its unitholders. For more information, please visit www.dundeeindustrial.com.

This press release may contain forward-looking statements with respect to Dundee Industrial REIT and its operations, strategy, financial performance and financial condition. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Dundee Industrial REIT discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to Dundee Industrial REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, Dundee Industrial REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

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