/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 12 /CNW/ - IPC US Real Estate Investment Trust ("IPC REIT")
(TSX: US$:IUR.U, C$:IUR.UN) today announced that the previously announced sale
of IPC REIT's assets to Everclear Acquisition Corporation ("Everclear"), a
wholly-owned subsidiary of Behringer Harvard REIT I, Inc. ("Behringer
Harvard"), has been completed.
IPC REIT will redeem all of its issued and outstanding units at the close
of business on Thursday, December 13, 2007 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 have passed in December
before the closing date). On the redemption date, IPC REIT will pay the
redemption price and the pro rata distribution to CDS Clearing and Depository
Services Inc., the only registered holder of IPC REIT units. Beneficial
holders of units of IPC REIT will be paid by their broker or other
intermediary. IPC REIT will thereafter be wound up.
IPC REIT has defeased all of its outstanding convertible debentures (the
"Debentures") not otherwise converted or conditionally converted prior to
yesterday 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 until the earliest possible
redemption date of each series of Debentures being November 30, 2010 for IPC
REIT's 6% Debentures and September 30, 2010 for IPC REIT's 5.75% Debentures.
Holders of outstanding Debentures will continue receiving interest payments
until the earliest possible redemption date for each respective series of
Debentures, at which time all of the Debentures will be redeemed at par. As of
today, the obligations of IPC REIT under the trust indenture governing the
Debentures have been assumed by Everclear.
In connection with the completion of the acquisition, effective at close
of business on December 13, 2007, IPC REIT's units and Debentures will no
longer be traded on the Toronto Stock Exchange.
About IPC REIT
IPC REIT was the only real estate investment trust in Canada that
invested exclusively in U.S. commercial real estate. IPC REIT beneficially
owned an 87.0% interest in IPC (US), Inc. which had 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
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,