VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 27, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Pure Industrial Real Estate Trust (TSX:AAR.UN) (the "Trust") announced that has entered into an agreement to sell to a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets on a bought deal basis 20,850,000 trust units ("Units") at a price of CDN$$6.00 per Unit for gross proceeds to the Trust of approximately CDN$125 million (the "Financing"). The Trust has granted the underwriters an overallotment option to purchase up to an additional 3,127,500 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 April 5, 2017 and is subject to customary conditions and regulatory approval.
The Trust intends to use the proceeds from the Financing to selectively repay existing indebtedness, to fund new acquisitions and for general trust purposes.
The Financing is being made pursuant to the Trust's base shelf prospectus (the "Base Shelf Prospectus") dated August 10, 2016. The terms of the Financing will be described in a prospectus supplement to be filed with Canadian securities regulators. The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933 Act") and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Units in the United States or to, or for the account or benefit of, U.S. persons.
ABOUT PURE INDUSTRIAL REAL ESTATE TRUST
The Pure Industrial Real Estate Trust is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets across Canada and key distribution and logistics markets in the United States. The Trust is an internally managed REIT and is one of the largest publicly-traded REITs in Canada that offers investors exposure to industrial real estate assets in Canada and the United States.
Additional information about the Trust is available at www.piret.ca or www.sedar.com.
Toronto Stock Exchange - AAR.UN
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 the following: (i) the Financing is expected to close on or about April 5, 2017 and is subject to customary conditions and regulatory approval, and, (ii) the Trust intends to use the proceeds from the Financing to selectively repay existing indebtedness, to fund new acquisitions and for general trust purposes
The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Trust, 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 Trust 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 Trust 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 Trust operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Trust.
The forward-looking statements contained in this news release represent Trust's expectations as of the date hereof, and are subject to change after such date. The Trust 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.