VANCOUVER, July 4, 2011 /PRNewswire/ – Pure Industrial Real Estate Trust
(“PIRET”) (TSXV: AAR.UN) today announced an unconditional agreement to
purchase a fully leased multi-tenant income producing industrial
property (the “Property“) located 1725 Inkster Boulevard in Winnipeg, Manitoba for a total
purchase price of $15,100,000.

The Property is 265,843 square feet in total and sits on approximately
12.77 acres of land. The Property is centrally located in the Inkster
Business Park, Winnipeg’s largest industrial park. The purchase price
of $15.1 million represents a going-in unlevered annual return (“Capitalization Rate“) of 7.6%.

The acquisition is anticipated to close prior to July 30th, 2011. The
purchase price will be satisfied with cash on hand and proceeds from
new mortgage financing of $10.0 million, bearing interest at 5.05% per
annum, with a ten year term maturing in 2021.

For more information on PIRET, visit our website at www.piret.ca.

FORWARD-LOOKING STATEMENTS

Certain information in this press release contains forward-looking
information within the meaning of applicable securities laws (also
known as forward-looking statements) including, among others,
statements made or implied under the headings “Results of Operations”,
“Financial Conditions”, “Liquidity and Capital Resources”, “Risks and
Uncertainties” and “Outlook” relating to PIRET’s objectives, strategies
to achieve those objectives, beliefs, plans, estimates, projections and
intentions; and similar statements concerning anticipated future
events, results, circumstances, performance or expectations that are
not historical facts. Forward-looking statements generally can be
identified by words such as “outlook”, “believe”, “expect”, “may”,
“anticipate”, “should”, “intend”, “estimates” and similar expressions.

Forward-looking statements are provided for the purpose of presenting
information about management’s current expectations and plans relating
to the future and readers are cautioned that such statements may not be
appropriate for other purposes. Forward-looking statements involve
significant risks and uncertainties and should not be read as
guarantees of future performance or results. Those risks and
uncertainties include, among other things, risks related to: unit
prices; liquidity; credit risk and tenant concentration; interest rate
and other debt related risk; tax risk; ability to access capital
markets; lease rollover risk; competition for real property
investments; environmental matters; changes in legislation and
indebtedness of PIRET. Management believes that the expectations
reflected in forward-looking statements are based upon reasonable
assumptions and information currently available; however, management
can give no assurance that actual results will be consistent with these
forward-looking statements.

Factors and assumptions that were applied in drawing conclusions and
could cause actual results, performance, or achievements to differ
materially from those expressed or implied by forward-looking
statements, include, but are not limited to, general economic
conditions, competition for real property investments, the availability
of new competitive supply of commercial real estate, PIRET’s ability to
maintain occupancy, tenant defaults, changes in interest rates, changes
in governmental regulations and taxation, and PIRET’s ability to obtain
adequate insurance and financing.

Readers are cautioned that the foregoing list of factors that may affect
future results is not exhaustive. When relying on forward-looking
statements to make decisions with respect to PIRET, investors and
others should carefully consider the foregoing factors and other
uncertainties and potential events. These forward-looking statements
are made as of July 4, 2011 and PIRET assumes no obligation to update
or revise them to reflect new events or circumstances, except as
required by law.

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 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.

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)