Boulevard Industrial REIT Announces $5 to $20 Million Offering of Units

TORONTO, ONTARIO--(Marketwired - April 24, 2015) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Boulevard Industrial REIT ("Boulevard", "the REIT") (TSX VENTURE:BVD.UN) announces that the REIT has filed a preliminary prospectus in connection with a "best efforts" offering of units (the "Units") for aggregate gross proceeds of a minimum of $5 million and a maximum of $20 million (not including the exercise of the Over-Allotment Option) (the "Offering"). Each Unit shall consist of one trust unit (a "Trust Unit") of the REIT and one trust unit purchase warrant (a "Warrant") exercisable for a period of 24 months following the closing of the Offering at the offering price.

The Offering will be led by Cormark Securities Inc. and shall include a syndicate of agents including Burgeonvest Bick Securities Limited, Paradigm Capital Inc. and Laurentian Bank Securities Inc. (the "Agents"). The Units will be priced at $0.11 per Unit. The Agents have the option to sell up to an additional 15% of the Units sold under and on the same terms as the Offering at any time until 30 days following the closing date (the "Over-Allotment Option"). In the event that the maximum offering size is sold and the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the offering will be up to $23 million.

The Units will be offered by way of a short form prospectus which has been filed in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario pursuant to National Instrument 44-101 Short Form Prospectus Distributions. Closing of the Offering is anticipated to occur in mid-May and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.

The net proceeds of the Offering will be used to fund the REIT's growth plans, including future acquisitions, and for general trust and working capital purposes.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.