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VANCOUVER, Dec. 14, 2015 /CNW/ – Pure Industrial Real Estate Trust (“PIRET”) (TSX: AAR.UN) announced today that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intention to make a normal course issuer bid (the “Bid”).
The notice provides that PIRET may, during the twelve month period commencing December 21, 2015 and ending December 20, 2016, purchase for cancellation on the TSX up to 5,000,000 Class A units (each, a “Unit”) in total, being approximately 2.7% of the outstanding Units as of December 7, 2015. The daily repurchase restriction for the Units is 78,739 Units, which represents 25% of the average daily trading volume of 314,958 Units on the TSX for the six months ended November 30, 2015.
All purchases under the Bid will be made on the open market through the facilities of the TSX, Alpha or alternate trading systems in Canada at market prices prevailing at the time of purchase. The actual number of Units which may be purchased and the timing of any such purchases will be subject to compliance with the TSX rules. Any Units that are purchased under the Bid will be cancelled.
PIRET believes that its Units have been trading in a price range which does not adequately reflect the value of such Units in relation to PIRET’s business and its future business prospects. Accordingly, depending upon future price movements and other factors, PIRET believes that the purchase of outstanding Units may from time to time be an appropriate use of available resources and benefit remaining unitholders by increasing their proportionate equity interest in PIRET.
During the past 12 months, PIRET purchased 1,376,500 Units at a weighted average price of $4.45 per Unit pursuant to a previous normal course issuer bid. PIRET has 188,177,020 Units issued and outstanding as of December 7, 2015.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
Additional information about PIRET is available at www.piret.ca or www.sedar.com.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED NOR APPROVED THE CONTENTS OF THIS PRESS RELEASE AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)
