Pure Industrial Real Estate Trust (“PIRET”) (TSX: AAR.UN) today announced the closing of its previously announced public offering (the “Offering”) of 16,445,000 trust units (“Units”), inclusive of 2,145,000 Units issued pursuant to the exercise in full of the over-allotment option, on a bought deal basis, at a price of $4.55 per Unit for total gross proceeds of $74,824,750. The Offering was conducted through a syndicate of underwriters co-led by Canaccord Genuity Corp., RBC Capital Markets and BMO Nesbitt Burns Inc., on their own behalf and on behalf of CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Dundee Securities Ltd., Raymond James Ltd. and GMP Securities L.P.
PIRET intends to use the net proceeds from the Offering to fund the acquisition of nine industrial properties located in Calgary, Alberta, and Bolton, Hamilton, Stoney Creek, Burlington, Woodstock, Toronto and London, Ontario, as described in greater detail under the heading “Use of Proceeds” in its short form prospectus dated January 21, 2014, available on SEDAR at http://www.sedar.com, and for general working capital purposes.
PIRET’s Units are listed on the Toronto Stock Exchange under the symbol AAR.UN. PIRET now has 150,654,856 Units issued and outstanding.
On January 20, 2014, PIRET completed the disposition of the property located at 30 Whitmore Road, Vaughan, Ontario for gross proceeds of $4,425,000. PIRET acquired the property on May 15, 2013 for $3,200,000. The property is a single-tenant industrial property comprising 33,931 square feet of gross leasable area.
About Pure Industrial Real Estate Trust (PIRET)
PIRET is an unincorporated, open-ended investment trust that acquires, owns and operates a diversified portfolio of income-producing industrial properties in primary markets across Canada. PIRET focuses exclusively on investing in industrial properties and is the largest internally managed publicly traded REIT in Canada that offers investors exclusive exposure to Canada’s industrial asset class.
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 PIRET intends to use the net proceeds from the Offering to fund acquisitions and for general working capital purposes. 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.
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.