Cominar announces closing of $110 million issue of convertible debentures



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    U.S./

    QUEBEC, Oct. 10 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) announces today that it has closed its previously
announced public offering of $110 million aggregate principal amount of
convertible unsecured subordinated debentures (the "Debentures"). The
Debentures were sold to a syndicate of underwriters led by National Bank
Financial Inc. for total net proceeds to Cominar of approximately
$105.6 million, after deducting the underwriters' fee and the expenses of the
offering. The net proceeds from the sale of the Debentures will be used to
reduce outstanding indebtedness incurred under Cominar's principal credit
facilities.
    The Debentures and the underlying units have not been and will not be
registered under the United States Securities Act of 1933 and accordingly will
not be offered, sold or delivered, directly or indirectly within the United
States, its possessions and other areas subject to its jurisdiction or to, or
for the account or for the benefit of a U.S. person, except pursuant to
applicable exemptions from the registration requirements.

    Portfolio as at October 10, 2007
    --------------------------------

    Cominar is one of the largest retail property owners and managers in the
Province of Québec. Cominar owns a real estate portfolio of 205 high quality
properties, consisting of 36 office, 36 retail and 133 industrial and
mixed-use buildings that cover a total area exceeding 17 million square feet
in the Greater Quebec City, Montreal and Gatineau/Ottawa areas. Cominar's
objectives are to deliver growing cash distributions to its unitholders and to
maximize unitholder value through proactive management and the growth of its
portfolio.

    Forward-Looking Statements
    --------------------------

    This press release may contain forward-looking statements with respect to
Cominar Real Estate Investment Trust and its operations, strategy, financial
performance and condition. These statements generally can be identified by use
of forward looking words such as "may", "will", "expect", "estimate",
"anticipate", "intends", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of Cominar Real Estate
Investment Trust could differ materially from those expressed or implied by
such statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations. Some
important factors that could cause actual results to differ materially from
expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described under
"Risk Factors" in the annual information form of Cominar Real Estate
Investment Trust. The cautionary statements qualify all forward-looking
statements attributable to Cominar Real Estate Investment Trust and persons
acting on its behalf. Unless otherwise stated, all forward-looking statements
speak only as of the date of this press release and Cominar Real Estate
Investment Trust has no obligation to update such statements.
    %SEDAR: 00010204EF




For further information:

For further information: Mr. Michel Dallaire, P.Eng., President and
Chief Executive Officer, Cominar Real Estate Investment Trust, (418) 681-8151;
Media: Laird Greenshields, Morin Public Relations, (514) 289-8688, ext. 221

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Cominar Real Estate Investment Trust

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