Huntingdon REIT announces sale of two properties and provides update on process to sell REIT



    WINNIPEG, Sept. 29 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT" or the "REIT) (TSX: HNT.UN) announced today the sale of two
properties, 80-88 Fennell Street in Winnipeg, Manitoba and 4080-77th Street
N.W. in Red Deer, Alberta for total net sale proceeds of $11.3 Million. The
Winnipeg sale will close November 1, 2008 and the Red Deer sale closed
September 1, 2008. The total gain on the two property sales totals
approximately $1.5 Million. After repayment of first mortgage debt on the two
properties, net cash proceeds totals $4.8 Million.
    On July 7, 2008, after reviewing all of the alternatives available to
HREIT to enhance unitholder value, the Board of Trustees approved a process to
solicit proposals to acquire or merge with HREIT. This decision was a result
of the strategic review process announced to enhance unitholder value, which
commenced in March 2008. The sale process remains ongoing and a number of
interested parties are currently conducting additional due diligence and
property tours with the assistance of HREIT and RBC Capital Markets, the
REIT's financial advisor. A further update on the sale process will be
provided as more information becomes available. Unitholders are cautioned that
there can be no assurance that a sale or merger transaction or another
material development will result from the strategic review process.

    
    About HREIT
    ------------
    

    HREIT 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
(Convertible Debentures). HREIT owns 79 income producing office, industrial,
retail and standalone parking lot properties that have a total gross leaseable
owned area of 5.4 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. HREIT also owns a third
party property management business. There are currently 72,502,104 trust units
outstanding. For further information on HREIT, please visit our website at
www.hreit.ca.

    
    The TSX 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.
    





For further information:

For further information: Arni Thorsteinson, President & Chief Executive
Officer, or Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax:
(204) 452-5505, Email: info@hreit.ca

Organization Profile

HUNTINGDON REAL ESTATE INVESTMENT TRUST

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