Artis REIT closes $92 million unit offering



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    WINNIPEG, June 11 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN)
("Artis REIT") announced today that it has closed its previously announced
public offering of 5,232,500 trust units ("Units") at a price of $17.60 per
Unit for gross proceeds of $92,092,000. The Units were purchased by a
syndicate of underwriters led by CIBC World Market Inc. and Canaccord Adams,
as co-lead underwriters, and including BMO Nesbitt Burns Inc., National Bank
Financial Inc., Scotia Capital Inc., RBC Dominion Securities Inc., TD
Securities Inc., Trilon Securities Corporation, Bieber Securities Inc. and
Westwind Partners Inc. (the "Underwriters") and sold to the public pursuant to
a short form prospectus dated May 29, 2007. The Units issued on closing
included 682,500 issued pursuant to Underwriters' exercise in full of the
over-allotment option granted by Artis REIT to the Underwriters.
    Artis REIT intends to use the net proceeds from the offering for property
acquisitions and for general working capital purposes.
    Artis REIT is a growth-oriented real estate investment trust focused
exclusively on commercial properties located in primary and growing secondary
markets in western Canada, particularly in Alberta. The REIT's goal is to
provide unitholders the opportunity to invest in high-quality western Canadian
office, retail and industrial properties, as well as to provide monthly cash
distributions that are stable, tax efficient, and growing over time. To date,
Artis REIT has acquired approximately $660 million of commercial property;
approximately 19.6% in Manitoba, 11.6% in Saskatchewan, 67.9% in Alberta, and
0.9% in B.C. Artis REIT owns 45 properties, comprising over 3.9 million square
feet of leasable area (36.1% retail, 49.1% office and 14.8% industrial).
    Artis REIT's Distribution Reinvestment Plan ("DRIP") allows Unitholders
to have their monthly cash distributions used to purchase trust units without
incurring commission or brokerage fees, and receive bonus units equal to 4% of
their monthly cash distributions. More information can be obtained at
www.artisreit.com.

    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this press release.





For further information:

For further information: Mr. Armin Martens, President and Chief
Executive Officer or Mr. Jim Green, Chief Financial Officer of the REIT at
(204) 947-1250


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