Pure Industrial Real Estate Trust

Pure Industrial Real Estate Trust

October 18, 2007 16:47 ET

Pure Industrial Real Estate Trust Announces Agreement to Acquire Industrial Property in Calgary

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2007) -


Pure Industrial Real Estate Trust ("PIRET") (TSX VENTURE:AAR.UN) today announce that PIRET has entered into an agreement to acquire an industrial facility in Calgary, Alberta.

The property, located at 4907 - 32nd Street, in Calgary, Alberta, is situated on 3.23 acres in the Foothills Industrial Park. The property is strategically located in the area of the Foothills Industrial Park known as the "Golden Triangle", in close proximity to the Barlow Trail SE and the Deerfoot Trail SE, the city's major north-south transportation links.

The total purchase price of $3.9 million represents an initial unlevered return ("capitalization rate") of 8.97 %.

PIRET believes that, upon closing, this acquisition will be immediately accretive to cash flow on a per units basis. This "off-market" transaction is expected to close in November 2007, at which time financing arrangements will be announced.

"The acquisition of this property will increase our presence in the thriving Alberta economy, and shows PIRET's ability to purchase high quality industrial assets at excellent price points in the strong industrial centres in Canada. In PIRET we have a unique product offering that is well positioned to capitalize on an active and high quality pipeline of industrial properties in the strong and growing industrial centres across Canada," stated Darren Latoski, acting CEO and Trustee for PIRET.

PIRET's Units are listed on the TSE Venture Exchange under the symbol AAR.UN.

About Pure Industrial Real Estate Trust (PIRET)

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.

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

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements often use, but are not limited to, such words as "may", "will", "expect", "should", "believe", "intend", "plan", "anticipate", "potential", and other similar terminology. These statements reflect current expectations of management regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the following factors: competitive and economic environment, the results of due diligence inquiries and negotiation of acquisition documents, impact of changes to tax treatment of income trusts or dividend tax credits, foreign exchange, seasonality, inability to close or realize accretive benefits from acquisitions, fluctuation of cash distributions and nature of trust units. Although the forward-looking statements contained in this press release are based upon what PIRET's management believes to be reasonable assumptions, PIRET cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and PIRET assumes no obligation to update or revise them to reflect new events or circumstances.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Pure Industrial Real Estate Trust
    Darren Latoski
    (604) 681-5959 or Toll Free: 1-888-681-5959
    Pure Industrial Real Estate Trust
    Andrew Greig
    Director of Investor Relations
    (604) 681-5959 or Toll Free: 1-888-681-5959
    Email: agreig@piret.ca
    Website: www.piret.ca