Scott's REIT completes acquisition of retail centre in Quebec



    Announces September distribution

    TORONTO, Sept. 12 /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 the acquisition of an income-producing
property in Longueil, Quebec is complete. The company previously announced on
June 19, 2007 that it had entered into a letter of intent to acquire the
property.
    The 40,340 sq. ft. multi-tenant unenclosed retail centre is anchored by a
Staples Business Depot. The property is 83 per cent leased and is being
purchased with a capitalization rate of 8.4 per cent. The aggregate purchase
price is approximately $4.25 million.
    "We continue to aggressively pursue new opportunities in order to
strategically expand our asset base and meet our growth targets," said John
Bitove, Chairman and CEO of Scott's REIT. "This acquisition underscores our
commitment to investing in high-quality real estate that not only maximizes
the REIT's cash value and provides a steady stream of income to unitholders,
but also minimizes unitholder risk and provides opportunities for value
creation."
    This acquisition, which was funded by the REIT's acquisition line, is
immediately accretive to unitholders.

    Monthly distribution

    Scott's REIT also announced a cash distribution for the month of
September 2007 of $0.0708 per unit payable on October 15, 2007 to unitholders
of record on September 28, 2007.
    Scott's REIT also announced today a monthly cash distribution of $0.0708
per unit to unitholders of record of Class B Limited Partnership Units in
Scott's Real Estate LP on September 28, 2007. This distribution marks the
22nd consecutive cash distribution declared since Scott's REIT began
operations on October 6, 2005.
    Scott's REIT's policy is to pay cash distributions on or about the 15th
of each month to unitholders of record on the last business day of the
preceding month. Unitholders who are non-residents of Canada will be required
to pay all withholding taxes payable on any distributions by Scott's REIT.

    About Scott's Real Estate Investment Trust

    Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property
owner with 199 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
70.6 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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