Whiterock Announces $40 million Revolving Credit Facility with TD Bank



    TSX - WRK.UN

    TORONTO, June 20 /CNW/ - Whiterock Real Estate Investment Trust
("Whiterock") has entered into a revolving credit facility of up to
$40 million with The Toronto-Dominion Bank.
    Security for the facility will be comprised of mortgages on new and
existing property and include second mortgages on the properties located at
655 Bay Street, Toronto and 2450 Girouard, Saint-Hyacinthe. These two
properties have $73 million of combined embedded equity indicated by appraised
values totaling $133 million, with only $60 million of mortgages currently
secured by the properties. This represents a 93% increase in the value of the
equity in these properties since their acquisition. This considerable
appreciation has given Whiterock financing capacity at more attractive rates,
terms, and drawdown provisions than its previous acquisition facility. The
facility is intended to be used for acquisition, operations and general
corporate purposes.
    "The new facility will be a great asset to Whiterock as we continue to
grow our portfolio. It provides us with immediately available financing so
that we can make acquisitions on a timely basis," said Jason Underwood, CEO.

    About Whiterock

    Whiterock's existing portfolio consists of 33 properties totaling
2.8 million square feet, located in 11 markets across Canada. The average
lease term is approximately 9 years, with approximately 69% leased to
government or investment grade firms. At the close of market yesterday,
Whiterock's units provided a yield of 10.8%.

    Forward Looking Statements

    This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements with respect to financial
performance, sale-leaseback opportunities, proposed acquisitions and equity or
debt offerings, new markets for growth, financial position, comparable
commercial REITs and proposed acquisitions. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved".
    Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Whiterock to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to: the risks related to the market for Whiterock's
securities, the general risks associated with real property ownership and
acquisition, that future accretive acquisition opportunities will be
identified and/or completed by Whiterock, lease maturities, risk management,
liquidity, debt financing, credit risk, competition, general uninsured losses,
interest rate fluctuations, environmental matters, restrictions on redemptions
of outstanding Whiterock securities, lack of availability of growth
opportunities, diversification, reliance on anchor or single tenant
properties, potential Unitholder liability, potential conflicts of interest,
the availability of sufficient cash flow, fluctuations in cash distributions,
the market price of Whiterock's units, the failure to obtain additional
financing, dilution, reliance on key personnel, changes in legislation,
failure to obtain or maintain mutual fund trust status and delays in obtaining
governmental approvals or financing as well as those additional factors
discussed in the section entitled "Risk Factors" in Whiterock's Annual
Information Form, which can be obtained at www.sedar.com.

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.





For further information:

For further information: www.whiterockreit.ca, Jason Underwood, (416)
907-4861; Paul Simcox, (416) 907-4862; Frank Bucys, CFO, (416) 907-4864

Organization Profile

WHITEROCK REAL ESTATE INVESTMENT TRUST

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