IPC US REIT Announces Closing Date for Acquisition by Behringer Harvard REIT



    TORONTO, Nov. 30 /CNW/ - IPC US Real Estate Investment Trust ("IPC REIT")
(TSX: US$:IUR.U, C$:IUR.UN) announced today that it expects the conditions to
the acquisition of IPC REIT by Everclear Acquisition Corporation, a
wholly-owned subsidiary of Behringer Harvard REIT I, Inc. ("Behringer
Harvard"), to be met and the closing to take place on December 12, 2007 (the
"Closing Date").
    On August 14, 2007, Behringer Harvard agreed to indirectly acquire the
assets and assume the liabilities of IPC REIT in an all cash transaction
valued at approximately US$1.4 billion. As soon as practicable after the
Closing Date, all of the issued and outstanding units of IPC REIT will be
redeemed for US$9.75 per unit in cash plus US2.37 cents per unit (representing
a pro rated portion of the monthly distribution of US6.67 cents based on the
11 days that will have passed in December before the expected Closing Date).
IPC REIT will thereafter be wound up. The units and debentures of IPC REIT
will be de-listed from the Toronto Stock Exchange at the end of the trading
day on December 13, 2007.
    The cash payable to unitholders will be denominated in U.S. dollars.
However, as is the case for IPC REIT's monthly distributions, unitholders can
elect to receive such payments in Canadian dollars (based on the exchange rate
obtained by IPC REIT), provided that their nominee (broker, investment dealer,
bank, trust or other intermediary) has the capability to make such election.
In order to do so, unitholders must both (i) hold their units under the
trading symbol "IUR.UN" and (ii) have advised their nominee to inform CDS
Clearing and Depository Services Inc. of such election prior to 5:00 p.m.
(Toronto time) on December 11, 2007. If no election is made before such time,
or the nominee cannot make such election, the redemption payment and any pro
rata distribution will be made in U.S. dollars. In this event, unitholders
with units trading under the symbol "IUR.UN" will receive Canadian dollars
which have been converted from U.S. dollars at an exchange rate determined by
their nominee. Unitholders should consult with their nominee promptly, if they
have not already done so, to avail themselves of this election.
    As previously announced, unitholders of record today will also receive
the monthly distribution of US6.67 cents per unit on December 7, 2007.
    Holders of IPC REIT's convertible debentures (the "Debentures") can
participate in the transaction by converting their Debentures for units. Those
Debenture holders not wishing to participate in the proposed transaction by
converting their Debentures into units prior to the conversion deadline of
1:00 p.m. (Toronto time) on December 7, 2007 (the "Conversion Deadline") will
continue receiving interest payments until the earliest applicable redemption
date for each series of Debentures. Immediately prior to the Closing Date, IPC
REIT intends to defease the remaining Debentures by depositing, with the
indenture trustee for the benefit of Debenture holders, cash and direct U.S.
Government obligations in an amount sufficient to pay, satisfy and discharge
the aggregate amount of any principal and interest owing in respect of the
Debentures to the first applicable redemption date of each series of
Debentures. Any holder of Debentures who converts Debentures after the
Conversion Deadline will receive US$9.75 for each unit to which the holder
would otherwise be entitled had the conversion taken place prior to the
Closing Date. Following the Closing Date, the obligations of IPC REIT under
the trust indenture governing the Debentures will be assumed by Behringer
Harvard or one of its affiliates. As of November 16, 2007, the indenture
trustee, CIBC Mellon Trust Company, was replaced by Computershare Trust
Company of Canada.
    Copies of the purchase agreement, the management information circular and
certain related documents have been be filed with the Canadian securities
regulators and are available on SEDAR (www.sedar.com) as part of IPC REIT's
public filings.

    About IPC REIT

    IPC REIT is the only real estate investment trust in Canada that invests
exclusively in U.S. commercial real estate. IPC REIT beneficially owns an
87.0% interest in IPC (US), Inc. which has ownership interests in a portfolio
of 35 office buildings comprising a total of 9.6 million square feet of
rentable space.
    The units of IPC REIT are listed on the Toronto Stock Exchange under the
symbol "IUR.UN" for Canadian dollar quoted Units and "IUR.U" for US dollar
quoted Units. For more information on IPC REIT, please visit IPC REIT's
website at www.ipcreit.com.

    About Behringer Harvard

    Behringer Harvard is a commercial real estate company investing in assets
in the U.S. and internationally. The company creates and manages strategic
real estate fund opportunities across a wide spectrum of investment styles for
retail investors, as well as domestic and international institutions, through
its real estate investment trusts, partnerships, joint ventures and
proprietary program structures. For more information, visit
www.behringerharvard.com.

    Forward-Looking Statements

    From time to time, IPC REIT makes written or oral forward-looking
statements. Statements of this type are included in this press release, and
may be included in other filings with Canadian securities regulators and other
communications. All such statements are made pursuant to the 'safe harbour'
provisions of, and are intended to be "forward-looking statements", within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and forward looking information under the provisions of Canadian provincial
securities laws. Forward-looking statements may involve, but are not limited
to, comments with respect to our objectives and priorities for 2007 and
beyond, our strategies or future actions, our targets, expectations for our
financial condition or Unit price, and the results of or outlook for our
operations or for the Canadian or U.S. economies. The words "may", "could",
"should", "would", "suspect", "outlook", "believe", "plan", "anticipate",
"estimate", "expect", "intend", "forecast", "objective", and words and
expressions of similar import are intended to identify forward-looking
statements.
    By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties. There is
significant risk that predictions, forecasts, conclusions or projections will
not prove to be accurate, that our assumptions may not be correct and that
actual results may differ materially from such predictions, forecasts,
conclusions or projections. We caution readers of this press release not to
place undue reliance on our forward-looking statements as a number of factors
could cause actual future results, conditions, actions or events to differ
materially from the targets, expectations, estimates or intentions expressed
in the forward-looking statements. These factors include industry risk, risks
inherent in the ownership of real property, competition, financial leverage,
additional funding requirements, capital requirements for growth, interest
rates, tenant bankruptcies, labour disruptions, geographic concentration,
foreign exchange risk, environmental liability risk, credit risk, availability
of cash flow for distributions and liquidity risk. We caution that the
foregoing list of important factors that may affect future results is not
exhaustive. When relying on our forward-looking statements to make decisions
with respect to us, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. We do not
undertake to update any forward-looking statement, whether oral or written,
that may be made from time to time by us or on our behalf.





For further information:

For further information: Gary M. Goodman, President and Chief Executive
Officer, IPC US REIT, Tel: (416) 929-0514, Fax: (416) 929-5314,
investorrelations@ipcreit.com

Organization Profile

IPC US REAL ESTATE INVESTMENT TRUST

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