Boulevard Industrial REIT and PROREIT Announce Approval of Arrangement by Boulevard Securityholders

MONTREAL, QUEBEC and TORONTO, ONTARIO--(Marketwired - Sept. 24, 2015) - NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES.

Boulevard Industrial Real Estate Investment Trust ("Boulevard") (TSX VENTURE:BVD.UN)(TSX VENTURE:BVD.DB) and PRO Real Estate Investment Trust (TSX:PRV.UN) ("PROREIT") are pleased to announce that at a special meeting held earlier today, the unitholders and holders of debentures of Boulevard approved the implementation of the previously announced plan of arrangement pursuant to which PROREIT will acquire all of the outstanding trust units of Boulevard and convertible debentures of Boulevard will be redeemed.

Boulevard will be applying to the Ontario Superior Court of Justice (Commercial List) for a final order approving the plan of arrangement. If the final order is obtained on September 25, 2015, in the form and substance satisfactory to Boulevard and PROREIT, and all other conditions to completion are satisfied or waived, the transaction is expected to close on or about September 30, 2015.

Pursuant to the plan of arrangement, unitholders of Boulevard will receive 0.04651 of a trust unit of PROREIT for each trust unit of Boulevard they hold and the holders of outstanding Boulevard convertible debentures will receive a cash amount equal to 101% of the principal amount plus accrued and unpaid interest and an additional 30 days of interest.

About Boulevard

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.

About PROREIT

PROREIT is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. PROREIT owns a portfolio of diversified commercial real estate properties in Canada, with growth objectives focused on primary and secondary markets in Québec and Atlantic Canada, with selective expansion into Ontario and Western Canada.

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to the expected implementation of the plan of arrangement and the conditions and approvals required with respect thereto.

The timing and completion of the proposed transaction is subject to customary closing conditions, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the proposed transaction will occur, or that it will occur on the timetable or on the terms and conditions contemplated in this news release. The proposed transaction could be modified, restructured or terminated. Readers are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information necessarily involves known and unknown risks and uncertainties that may cause actual results, performance, prospects and opportunities in future periods of Boulevard or PROREIT to differ materially from those expressed or implied by such forward-looking statements, including, among other things, the risks identified in each of PROREIT's and Boulevard's materials filed under their respective profiles on SEDAR at www.sedar.com from time to time and the risk that the conditions to the transaction will not be satisfied.

The forward-looking statements made in this news release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, each of Boulevard and PROREIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.