Scott's REIT acquires new Tim Hortons-anchored retail centre in Quebec



    TORONTO, July 22 /CNW/ - Scott's Real Estate Investment Trust
(TSX: SRQ.UN) ("Scott's REIT"), Canada's leading owner of small-box retail
properties, announced today that it has completed the acquisition of an
income-producing property in Levis, Quebec that is immediately accretive to
earnings. Levis is a community in eastern Quebec located on the southern shore
of the Saint Lawrence River directly across from Quebec City.
    Under its small-box retail acquisition program, Scott's REIT has acquired
a new 21,000 sq. ft. retail centre located at a high traffic intersection. The
multi-tenant retail centre is anchored by Tim Hortons, Boston Pizza, Scores,
Tutti Fruitti and another local tenant. All of the leases are long-term with
an average length of 15 years.
    "This strategic acquisition demonstrates our ongoing commitment to
doubling our asset value in our first three years as a REIT," said Evelyn
Sutherland, Chief Financial Officer of Scott's REIT. "Featuring four
well-known brands in Quebec, we expect this recently built property to benefit
from the high traffic of this growing area."
    The property was purchased for $6 million and financed through proceeds
from a first mortgage.

    About Scott's Real Estate Investment Trust

    Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property
owner with 205 properties in seven provinces across Canada. Scott's REIT's
properties are well-located and geographically diverse across Canada and
nearly all properties are long-term quadruple net leases. The REIT has a
70.4 per cent interest in Scott's Real Estate LP. To find out more about
Scott's Real Estate Investment Trust (TSX: SRQ.UN), visit our website at
http://www.scottsreit.com.

    Forward-looking Statements

    This media release contains forward-looking statements. Such statements
are based on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might differ
materially from projections suggested in any forward-looking statements due to
factors such as the competitive nature of the quick service restaurant
industry, the ability of Scott's REIT and Scott's Real Estate LP to execute a
growth and development strategy, the reliance of Scott's REIT and Scott's Real
Estate LP on key personnel, and risk associated with the structure of income
trusts. Scott's REIT and Scott's RE LP assume no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those reflected in the forward-looking statements. Additional
information identifying risks and uncertainties is contained in Scott's REIT
filings with the Canadian securities regulators, available at www.sedar.com.

    %SEDAR: 00022537E




For further information:

For further information: For investor information, please contact: Trish
Moran, (416) 624-5133, trish.moran@scottsreit.com; For media information,
please contact: Wilcox Group, (416) 203-6666, scottsreit@wilcoxgroup.com

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