VANCOUVER,
July 7, 2011 /PRNewswire/ - Pure
Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN)
announced today that it has entered into employment agreements,
effective June 1, 2011, with the
following executive officers: Darren
Latoski and Stephen Evans as
Co-Chief Executive Officers; Scott
Hayes as Chief Operating Officer and Francis Tam as Chief Financial Officer.
PIRET's entry into these employment agreements is further to its
internalization of management, which was announced on June 15, 2011 and is effective June 1, 2011.
Prior to the internalization, Sunstone Industrial
Advisors Inc. ("Sunstone Industrial") provided PIRET with advisory,
asset management and administrative services pursuant to an Asset
Management Agreement entered into in July, 2007 upon the
establishment of the REIT. Each of PIRET's new officers were
employed by Sunstone Industrial and have extensive knowledge of
PIRET's business and affairs.
"With the completion of these employment
agreements, we are formalizing the Trust's relationship with its
senior personnel and have ensured an orderly transition of
management through our internalization process." commented
Darren Latoski, Co-CEO for
PIRET.
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 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.
TSX Venture Exchange - AAR.UN
THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICE PROVIDE (AS TAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)