Scott's REIT to acquire Shoppers Drug Mart-anchored retail centre



    TORONTO, April 13 /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 entered into an agreement to acquire
an income-producing property in St. Thomas in southwest Ontario that will be
accretive to unitholders upon closing of the transaction.
    Scott's REIT has entered into an agreement under its small-box retail
acquisition program to acquire a new 27,505 sq. ft. retail centre located at a
high traffic intersection in St. Thomas. The multi-tenant retail centre is
anchored by a new format Shoppers Drug Mart, with 13 years remaining on the
lease. The Shoppers Drug Mart space accounts for most of the current income on
the site. The average lease term for the property is 11 years and the next
rent escalation of nine per cent is scheduled for 2010.
    "This is another acquisition demonstrating our commitment to becoming
Canada's premier small-box retail property owner and doubling our size in our
first five years as a REIT," said John Bitove, Chairman and Chief Executive
Officer of Scott's REIT. "This site is exciting because it features one of the
first new format Shoppers Drug Mart stores to open in Canada and we expect
traffic in the area will continue to grow."
    The purchase agreement is subject to customary conditions to closing,
including satisfactory due diligence and financing.

    About Scott's Real Estate Investment Trust
    Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property
owner with 196 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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