VANCOUVER, May 20, 2011 /PRNewswire/ – Pure Industrial Real Estate Trust
(“PIRET” or the “REIT”) (TSXV: AAR.UN) today announced the successful
closing of a fully leased income producing industrial property for a
total purchase price of $28,775,000

The property is located at 5645 – 70^th Street, Edmonton, Alberta, has a total rentable area of 138,633 square
feet, is situated on 8.11 acres and was constructed in 2008. The
property is 100% leased to quality tenants on long term leases, with
the Government of Canada representing 53% of the annual revenue. The
weighted average lease term is greater than five years.

PIRET funded the acquisition with equity from the bought deal financing
announced April 28, 2011 and with first mortgage financing of $18.7
million, bearing an interest rate of 4.47% and maturing in five years.

After completing this acquisition and as previously announced, PIRET
will have acquired more than 1.8 million square feet of income
producing properties valued at more than $230 million since January
2010.

PIRET’s units are listed on the TSX Venture Exchange under the symbol
AAR.UN. For more information on PIRET, visit our website at www.piret.ca.

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 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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE Pure Industrial Real Estate Trust (PIRET)