PURE INDUSTRIAL REAL ESTATE TRUST ANNOUNCES $35.0 MILLION OF PROPERTY
ACQUISITIONS AND $18.6 MILLION EQUITY FINANCING

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, Sept. 30 /CNW/ - Pure Industrial Real Estate Trust (TSXV: AAR.UN) ("PIRET" or the "REIT") announced today that it has entered into agreements to acquire $35.0 million of income producing properties (the "Acquisitions"), consisting of seven industrial buildings representing approximately 464,000 square feet of gross leasable area ("GLA").  The Acquisitions consist of four properties in Ontario and three properties in Manitoba and are being acquired at a weighted average going-in capitalization rate of 7.73%.

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, 5,100,000 trust units ("Units") at a price of $3.65 per Unit for gross proceeds to PIRET of approximately $18.6 million (the "Financing"). PIRET has also granted the Underwriters an over-allotment option to purchase up to an additional 765,000 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 October 20, 2010 and is subject to regulatory approval.

The four Ontario properties to be acquired by the REIT are located in Oshawa, Ajax, Mississauga, and Stoney Creek and represent approximately 334,000 square feet of GLA.  The Ontario properties are 100% leased to high quality national and regional tenants with a weighted average lease term of approximately 5.9 years.  The aggregate purchase price for the Ontario properties is approximately $23.3 million.

The three Manitoba properties to be acquired by the REIT are all located in Winnipeg and represent approximately 130,000 square feet of GLA.  The Manitoba properties are 100% leased to high quality national and regional tenants with a weighted average lease term of approximately 5.0 years.  The aggregate purchase price for the Manitoba properties is approximately $11.7 million.

The purchase price of the Acquisitions is expected to be settled with the proceeds of the Financing, approximately $16.3 million of mortgage financing bearing an anticipated weighted average interest rate of 4.50%, and the balance through the REIT's existing operating facility.

"PIRET continues to execute its accretive growth strategy by acquiring high quality, well tenanted industrial properties across Canada.  Since the beginning of 2010, including the Acquisitions and the Financing, PIRET will have accretively acquired approximately $135 million of income producing industrial properties.  PIRET continues to see a robust pipeline of acquisition opportunities that will bolster PIRET's portfolio and status as Canada's only publicly traded REIT focused exclusively on industrial real estate," said Darren Latoski, CEO of PIRET.

Immediately following the completion of the Acquisitions, PIRET's portfolio will comprise 35 properties, which represent approximately 2.0 million square feet of GLA. PIRET's portfolio (by GLA) will be diversified across Canada with 8% in British Columbia, 35% in Alberta, 8% in Saskatchewan, 9% in Manitoba, 28% in Ontario, 11% in Quebec and 1% in New Brunswick.

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 October 19, 2010 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.

For further information:

please contact:

Darren Latoski, Acting Chief Executive Officer
Steve Evans, Acting Chief Financial Officer
Andrew Greig, Director of Investor Relations

Pure Industrial Real Estate Trust
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: [phone] or [phone]
E-mail: [email protected]
www.piret.ca