Pure Industrial Real Estate Trust announces successful closing of eight industrial properties for US$135.5 million

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VANCOUVER, Aug. 5, 2014 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) today announced the successful closing of eight industrial properties (the "Portfolio") for a total purchase price of US$135.5 million, representing a going-in cap rate of approximately 7.14%. The Portfolio comprises part of the 11 property portfolio, the purchase of which PIRET previously announced on June 18, 2014.  PIRET expects to complete the purchase of the balance of the portfolio by the end of August, upon the satisfaction of remaining purchase conditions.

The Portfolio is comprised of approximately 1.39 million square feet of gross leasable area ("GLA") located in 6 major U.S. markets. The Portfolio has a weighted average remaining lease term of 9.8 years and an average building age of only 3.5 years.

PIRET funded the acquisition using cash from its public offering that closed on June 27, 2014.  Details of the portfolio announced on June 18, 2014, including the properties pending purchase, are as follows:

City / State	GLA (sq. ft)	Year Built	Lease Expiration	Status
Income Producing Properties
City of Industry, CA	211,495	2007	Jun-2022	Closed
West Palm Beach, FL	119,165	2007	May-2025	Closed
Newton, NC	141,432	2010	Aug-2023	Closed
Subtotal	472,092
Properties Under Development
Rock Island, IL	189,926	Nov 2014	Oct-2024	Closed
Wheeling, IL	147,082	Aug 2014	Jul-2024	Closed
Baton Rouge, LA	175,374	Feb 2015	Jan-2025	Closed
Austin, TX	199,865	Jan 2015	Jan-2025	Closed
San Antonio, TX	202,763	Feb 2015	Jan-2025	Closed
Subtotal	915,010
Total Closed	1,387,102
Income producing properties pending acquisition
Barrington, NJ	196,227^(1)	2006	Jul-2025	Pending
Dover, NJ	171,907	2010	Jun-2024	Pending
Montreal, QC	106,263	2007	Aug-2024	Pending
	474,397

Note:
^(1)	Represents the current GLA. The property will be expanded to comprise 259,227 square feet of GLA. The expansion is expected to be completed in 2015.

After completing the acquisition of the Portfolio, PIRET's portfolio will be comprised of 167 properties representing approximately 15.3 million square feet of GLA.

In connection with the purchase, PIRET advanced a loan of US$43,992,464 to the vendor, which loan is secured by mortgages of the two New Jersey properties, the purchase of which is pending.  The loan bears interest at the rate of 7.0% per annum and will be repaid by the vendor to PIRET upon the completion of the sale of the two New Jersey properties.

PIRET's Management will provide a detailed update regarding the acquisition during the Q2 2014 earnings call on Thursday, August 7, 2014.

About Pure Industrial Real Estate Trust 

PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.

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

TSX – AAR.UN

Forward-Looking Information:

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: (i) PIRET expects to complete the purchase of the balance of the portfolio by the end of August, upon the satisfaction of remaining purchase conditions, and (ii) the expansion of the property in Barrington, NJ is expected to be completed in 2015. 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, and the vendor's ability to complete the expansion as currently planned.

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 PIRET's expectations as of the date hereof, and are subject to change after such date. 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.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED NOR APPROVED THE CONTENTS OF THIS PRESS RELEASE AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

SOURCE: Pure Industrial Real Estate Trust (PIRET)

Andrew Greig, Director of Investor Relations, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: [phone] or [phone], E-mail: [email protected]