VANCOUVER, March 16, 2012 /PRNewswire/ – Pure Industrial Real Estate Trust
(“PIRET” or the “REIT”) (TSXV: AAR.UN) today announced the successful
closing of a single tenant, fully leased income producing industrial
property for a total purchase price of $9,700,000.

The property is located at 1345 Redwood Avenue in Winnipeg, Manitoba,
has a total rentable area of 112,340 square feet and is situated on 9.9
acres, with 4.0 acres of future development land. The property is 100%
leased until January 2016 to Boeing Canada Operations Ltd., a
subsidiary of The Boeing Company, the world’s leading aerospace company
and the largest manufacturer of commercial jetliners and military
aircrafts.

PIRET acquired the property with equity from the bought deal financing
announced January 25, 2012 and with a first mortgage financing of $6.5
million at an expected interest rate of 3.85% and maturing in five
years. The asset was acquired at an attractive capitalization rate of
7.76%.

After completing this transaction, PIRET’s portfolio will total
approximately 4.6 million square feet.

PIRET’s units are listed on the TSX Venture Exchange under the symbol
AAR.UN.

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.

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.

SOURCE Pure Industrial Real Estate Trust (PIRET)