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.

About Boulevard Industrial REIT

Boulevard Industrial REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT was established to grow and manage a portfolio of light industrial properties in primary and secondary markets in Canada.

Its objectives are to generate stable cash distributions, expand the asset base of the REIT and increase distributable cash flow and enhance the value of the REIT's assets to maximize long- term unit value.

Forward Looking Statements

This press release may contain forward‐looking statements. When used in this press release, such statements use words, including but not limited to, "may", "will", "would", "should", "expect", "believe", "plan", "intend", "anticipate", "future", "develop" and other similar terminology. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, all statements regarding the terms, proposed timing and completion of the Offering, the use of proceeds and the filing of the preliminary and final prospectus; general and local economic and business conditions; the financial condition of tenants; our ability to raise equity and refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. Our objectives and forward‐ looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward‐looking statements in this press release speak as of the date of this press release. Boulevard REIT does not undertake to update any such forward‐looking statements whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in Boulevard REIT's filings with securities regulators, including its latest MD&A. These filings are also available at Boulevard REIT's website at www.bvdreit.com.

The TSXV has in no way approved or disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.