/NOT FOR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES/
All amounts are expressed in US dollars
TORONTO, Nov. 20 /CNW/ - IPC US REIT (TSX: US$:IUR.U, C$:IUR.UN)
announced today that a distribution of US6.67 cents per unit has been
declared, payable on December 7, 2007, to the unitholders of record on
November 30, 2007.
A unitholder who holds US-dollar-quoted units under the symbol "IUR.U"
will be paid the distribution in US dollars. A unitholder who holds
Canadian-dollar-quoted units under the symbol "IUR.UN" will be paid the
distribution in Canadian dollars based on the exchange rate on December 7,
A unitholder who wishes to receive the distribution in Canadian dollars
should contact his or her broker prior to November 30, 2007 to ensure that the
units are Canadian dollar quoted units.
The closing date is dependent upon receipt of consents from all of the
REIT's mortgage lenders approving the transfer of ultimate ownership of each
mortgaged property from the REIT to Behringer Harvard. This is a lengthy
process, often requiring three levels of approval by loan servicers and their
counsel, and then confirmation by one or more rating agencies that the change
in ultimate ownership will not affect the rating of the mortgage on the
Almost all servicer consents to the transfer have been received and we
are awaiting several rating agency confirmations as described above. Once
these confirmations have been received, we will issue a press release and
establish a closing date seven business days later to comply with TSX
Based on the current status, we expect the transaction to close in the
middle of December.
About IPC US REIT
IPC US REIT is the only real estate investment trust in Canada that
invests exclusively in U.S. commercial real estate. The REIT beneficially owns
an 87.1% interest in IPC (US), Inc. ("IPC US") 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 the 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 US REIT, please visit the REIT's
website at www.ipcreit.com.
For further information:
For further information: Gary Goodman, President and Chief Executive
Officer, IPC US REIT, Tel: (416) 929-0514, Fax: (416) 929-5314,