Early Warning News Release - Issued and Filed Under Section 7.2 of OSC Rule 62-504 and Equivalent Provisions of Canadian Securities Laws

TORONTO, Jan. 20, 2012 /CNW/ -

(a) Name of the acquiror.

Morgan Stanley Canada Limited (the "Filer")
181 Bay Street, Suite 3700
Toronto, Ontario
M5J 2T3

(b) The number of securities of the offeree issuer that were beneficially acquired, or over which the power to exercise control or direction was acquired, in the transaction that gave rise to the requirement to issue the news release.

On December 21, 2011, the Filer acquired in separate transactions in the open market 34,500 units of CANMARC Real Estate Investment Trust (the "Issuer"). The units were acquired for hedging purposes in the normal course of the Filer's investment dealer business. The Filer does not seek to control or influence in any manner the strategic direction of the Issuer.

(c) The beneficial ownership of, and the control and direction over, any of the securities of the offeree issuer, by the acquiror and all persons and companies acting jointly or in concert with the acquiror, immediately after the acquisition described in paragraph (b).

After giving effect to the transactions referred to in paragraph (b), the Filer owned a total of 2,748,015 units of the Issuer, representing approximately 5% of the total issued and outstanding units of the Issuer.

(d) The number of securities of the offeree issuer that were beneficially acquired, or over which the power to exercise control or direction was acquired, by the acquiror and all persons and companies acting jointly or in concert with the acquiror, since the commencement of the bid.

As at December 21, 2011, since the commencement of the take-over bid for the Issuer on December 2, 2011, the Filer had acquired in separate open market purchases in the normal course of its business a net total of 791,287 units of the Issuer. As of the date hereof, since December 21, 2011, the Filer has acquired in separate open market purchases in the normal course of its business an additional net total of 1,039,681 units of the Issuer. All such units were acquired for hedging purposes in the normal course of the Filer's investment dealer business.

Since December 21, 2011, the Filer has not acquired an additional 2% or more of the total issued and outstanding units of the Issuer.

(e) The name of the market in which the acquisition described in paragraph (b) took place.

Toronto Stock Exchange and various Canadian alternative trading systems.

(f) The purpose of the acquiror and all persons and companies acting jointly or in concert with the acquiror in making the acquisition described in paragraph (b), including any intention of the acquiror and all persons and companies acting jointly or in concert with the acquiror to increase the beneficial ownership of, or control or direction over, any of the securities of the offeree issuer.

As an investment dealer, the Filer purchases and sells securities, including units of the Issuer, for hedging and other purposes in the normal course of its business. The acquisitions described in paragraphs (b) and (d) were for hedging purposes. The Filer may continue to purchase or sell units of the Issuer in the open market or in private transactions. The Filer does not seek to control or influence in any manner the strategic direction of the Issuer. The Filer is not and does not intend to be an offeror with respect to any formal take-over bid for the Issuer.

DATED January 20, 2012.

SOURCE Morgan Stanley Canada Limited

For further information:

Mary Claire Delaney at (212) 761-2427.

Profil de l'entreprise

Morgan Stanley Canada Limited

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