VANCOUVER, April 28 /PRNewswire-FirstCall/ – Pure Industrial Real Estate Trust (TSXV:
AAR.UN) (“PIRET” or the “REIT”) announced today that it has entered
into agreements to acquire $132.5 million of income producing
properties (the “Acquisitions”), consisting of 24 industrial buildings
representing approximately 1,408,294 square feet of gross leasable area
(“GLA”). The Acquisitions consist of a group of 20 properties located
in Ontario and Alberta (the “Ontario and Alberta Properties”), an
individual property in Edmonton, Alberta (the “70th Street Property”),
an individual property in Winnipeg, Manitoba (the “Inkster Blvd.
Property”) and two properties in Oakville, Ontario (the “Winston Park
Drive Properties”). The properties are being acquired at a weighted
average going-in capitalization rate of 7.15%.

PIRET has also entered into an agreement to sell to a syndicate of
underwriters led by Canaccord Genuity Corp. and Dundee Securities
Corporation (the “Underwriters”), on a bought deal basis, 12,700,000
trust units (“Units”) at a price of $4.10 per Unit for gross proceeds
to PIRET of approximately $52.0 million (the “Financing”). PIRET has
also granted the Underwriters an over-allotment option to purchase up
to an additional 1,905,000 Units on the same terms and conditions,
exercisable at any time, in whole or in part, up to 30 days after the
closing of the Financing. The Financing is expected to close on or
about May 17, 2011 and is subject to regulatory approval.

The use of proceeds from the Financing will be used to fund the
Acquisitions, repayment of debt and generate corporate purposes.

The Ontario and Alberta Properties are located throughout the provinces
of Ontario and Alberta and represent approximately 831,923 square feet
of GLA. The Ontario and Alberta Properties are 95% leased to high
quality national and regional tenants with a weighted average lease
term of approximately 4.6 years. The aggregate purchase price for the
Ontario and Alberta Properties is approximately $71.7 million,
including an allowance for future capital costs.

The 70th Street Property represents approximately 138,633 square feet of
GLA and is 100% leased to high quality national and regional tenants
with a weighted average lease term of approximately 5.5 years. The
aggregate purchase price for the 70th Street Property is approximately
$28.8 million.

The Inkster Blvd. Property represents approximately 265,843 square feet
of GLA and is 100% leased to high quality national and regional tenants
with a weighted average lease term of approximately 3.8 years. The
aggregate purchase price for the Inkster Blvd. Property is
approximately $15.5 million.

The Winston Park Drive Properties represent approximately 171,895 square
feet of GLA and are 100% leased to high quality national and regional
tenants with a weighted average lease term of approximately 2.1 years.
The purchase price for the Winston Park Drive Properties is
approximately $16.7 million.

The purchase price of the acquisitions is expected to be settled with
the proceeds of the Financing and approximately $87.4 million of
mortgage financing bearing an anticipated weighted average interest
rate of 4.61%.

Darren Latoski, Acting CEO of PIRET, said “PIRET is continuing to
execute on its accretive growth strategy by acquiring high quality,
well tenanted industrial properties across Canada. The Acquisitions
increase PIRET’s property portfolio GLA by 53%. PIRET continues to
take advantage of its well-established pipeline of acquisition
opportunities and strengthen its status as Canada’s only publicly
traded REIT focused exclusively on industrial real estate.”

PIRET is also pleased to announce that it has closed the acquisition of
an industrial property located in Delta, British Columbia (the “Delta
Property”). The Delta Property represents approximately 73,396 square
feet of GLA and is 100% leased to high quality regional tenant with a
lease term of approximately 17 years. The purchase price for the Delta
Property is approximately $9.3 million, which represents a going-in
capitalization rate of 6.74%. The purchase price of the Delta Property
was settled with approximately $4.3 million of mortgage financing
bearing an interest rate of 5.9%, and PIRET’s existing operating
facility.

Immediately following the completion of the Acquisitions, including the
acquisition of the Delta Property, PIRET’s portfolio will comprise 63
properties, which represent approximately 4.1 million square feet of
GLA. PIRET’s portfolio (by GLA) will be diversified across Canada with
15% in British Columbia, 25% in Alberta, 4% in Saskatchewan, 10% in
Manitoba, 38% in Ontario, 5% in Quebec and 3% in New Brunswick.

*********

About Pure Industrial Real Estate Trust

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.

Forward-Looking Information:

Certain statements contained in this news 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 the Financing is expected to close on or about May 17, 2011 and
that the purchase price of the Acquisitions is expected to be settled
with the proceeds of the Financing. The forward-looking statements
contained in this news release are based on certain key expectations
and assumptions made by the REIT, including: expectations and
assumptions concerning receipt of required regulatory approvals and the
satisfaction of other conditions to the completion of and use of
proceeds from the Financing.

Although the REIT 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
the REIT 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 Financing, competitive factors in
the industries in which the REIT operates, prevailing economic
conditions, and other factors, many of which are beyond the control of
the REIT.

The forward-looking statements contained in this news release represent
the REIT’s expectations as of the date hereof, and are subject to
change after such date. The REIT 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.

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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.

SOURCE Pure Industrial Real Estate Trust (PIRET)