Huntingdon REIT and IAT Air Cargo Facilities Income Fund Provide Update on
Timing of Proposed Merger

WINNIPEG and RICHMOND, BC, Oct. 15 /CNW/ - Huntingdon Real Estate Investment Trust ("Huntingdon REIT" or "HNT") (TSX: HNT.UN) and IAT Air Cargo Facilities Income Fund ("IAT") (TSX: ACF.UN) are pleased to provide an update to their unitholders and others with respect to the proposed combination of HNT and IAT (the "Combination"). The parties have established record dates of October 26, 2009 and meeting dates of November 26, 2009 for the meetings of their respective unitholders to consider the approval of the Combination and related transactions. The parties expect to mail a joint information circular to their respective unitholders in early November 2009. If unitholders of HNT and IAT approve the Combination and related transactions at their respective meetings and all other conditions precedent to closing are satisfied, the Combination is expected to close in late November 2009.

In addition to approval by the unitholders of HNT and IAT, the Combination is subject to the approval of the Toronto Stock Exchange, receipt of certain required consents and other customary closing conditions.

HNT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). Huntingdon REIT owns 68 income producing office, industrial, retail and standalone parking lot properties that have a total gross leaseable owned area of 4.7 million square feet; two land parcels held for development and other development and expansion opportunities within the existing portfolio. The properties are located in Manitoba, Ontario, Saskatchewan, Alberta, British Columbia and Northwest Territories. Huntingdon REIT also owns CRESI Inc., a third party property management business. More information about Huntingdon REIT can be found on its website at www.hreit.ca.

IAT is an unincorporated, open-ended mutual fund trust under the laws of British Columbia, which is listed on the Toronto Stock Exchange under the symbol ACF.UN. IAT owns all of the shares of International Aviation Terminals Inc. ("IAT Inc.") and IAT Management Limited Partnership ("IAT Management LP"). IAT, IAT Inc. and IAT Management LP, specialize in the ownership, construction, management and marketing of aviation-related facilities. IAT currently owns, leases and manages approximately 1.1 million square feet of air cargo and aviation related facilities, on ground-leased land at five of Canada's leading international airports. Approximately 65% of IAT's holdings are located at Vancouver International Airport, Canada's second largest airport, with the balance of the facilities located in Calgary, Edmonton, Saskatoon and Winnipeg. More information about IAT Air Cargo Facilities Income Fund can be found on its website www.iat-yvr.com.

Forward-Looking Information:

This news release contains certain forward-looking statements relating to the expected timing that the joint circular will be mailed and the closing will occur. These statements, which can be identified by the use of the word "expected", involve various risks and uncertainties. There can be no assurance that the joint circular will be mailed in early November or that the closing will occur in late November. These forward-looking statements represent expectations of HNT and IAT as of the date hereof, and are subject to change after such date. HNT and IAT disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The issuance of this press release is not an admission that any entity named in this press release owns or controls any units of HNT or IAT or is a joint actor with any other entity.

    
    The Toronto Stock Exchange has not reviewed or approved the contents of
    this press release and does not accept responsibility for the adequacy or
    accuracy of this press release.
    

SOURCE IAT AIR CARGO FACILITIES INCOME FUND

For further information: For further information: IAT CONTACT: Zachary R. George, President and Chief Executive Officer, Tel: (604) 249-5119, Fax : (604) 249-5101, Email zgeorge@iat-yvr.com; HNT CONTACT: Gary Goodman, Trustee and Chairman of Special Committee, Tel: (416) 929-0108, Fax: (416) 646-2673, Email: ggoodman@ridc.com

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IAT AIR CARGO FACILITIES INCOME FUND

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