Whiterock REIT Announces $10 Million Bought Deal Financing



    
    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/

    TSX - WRK.UN
    

    TORONTO, April 22 /CNW/ - Whiterock Real Estate Investment Trust
("Whiterock") today announced that it has entered into an agreement with a
syndicate of underwriters pursuant to which the syndicate has agreed to
purchase 680,000 trust units at $14.80 per unit for total proceeds of
$10,064,000. The syndicate is lead by TD Securities Inc. and includes CIBC
World Markets Inc., Canaccord Capital Corporation, National Bank Financial
Inc., Scotia Capital Inc. and Dundee Securities Corporation. Whiterock has
granted the underwriters an over-allotment option to purchase up to an
additional 68,000 trust units at the same offering price, exercisable in whole
or in part at any time for a period of up to 30 days following the closing of
the offering, to cover over-allotments which, if exercised, would increase the
total gross proceeds of the offering to $11,070,400. Whiterock intends to use
the net proceeds of the offering for debt repayment, future acquisitions and
general trust purposes.
    The offering will be made in all provinces of Canada by way of short form
prospectus. This offering is subject to customary regulatory approvals and is
expected to close on or about May 12, 2009.
    The trust units being offered have not been and will not be registered
under the United States Securities Act of 1933 and accordingly will not be
offered, sold or delivered, directly or indirectly within the United States,
its possessions and other areas subject to its jurisdiction or to, or for the
account or for the benefit of a U.S. person, except in limited circumstances.

    About Whiterock

    Whiterock's existing portfolio consists of 43 properties totalling 3.2
million square feet, located in 13 primary and secondary markets across
Canada, including Calgary, Edmonton, Regina, Saskatoon, Toronto, Ottawa,
Montreal and Quebec City. The portfolio's average lease term is approximately
8 years, with approximately 59% leased to government or investment grade
firms.

    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 and the intended use of proceeds therefor, new markets for
growth, financial position, comparable commercial REITs, proposed acquisitions
and other statements concerning Whiterock's objectives, its strategies to
achieve those objectives, as well as statements with respect to management's
belief, plans, estimates, and intentions, and similar statements concerning
anticipated future events, results, circumstances, performance or expectations
and other matters which are not historical facts. 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", and the negative forms
thererof. Such forward-looking statements reflect management's current beliefs
and are based on information currently available to management. All
forward-looking statements in this press release are qualified by these
cautionary statements. Forward-looking statements are not guarantees of future
events or performance and, by their nature, are based on Whiterock's estimates
and assumptions, which 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. Such risks include
but are not limited to: the risk that regulatory approval may not be granted,
the risks related to the market for Whiterock's securities, the general risks
associated with real property ownership and acquisition, unexpected costs or
liabilities related to acquisitions, that future accretive acquisition or
joint venture opportunities may not be identified and/or completed by
Whiterock, lease maturities, risk management, liquidity and general market
conditions, an inability of Whiterock to obtain debt or equity financing on
favourable terms or at all, 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, overreliance 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, an unforeseen departure of key personnel, unanticipated
adverse 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. In particular, but without limitation, there can be no
assurance that Whiterock will be to able to continue to increase its FFO and
AFFO. Material factors or assumptions that were applied in drawing a
conclusion or making an estimate set out in the forward-looking information
may include, but are not limited to: a less robust leasing environment than
has been seen for the last several years; relatively stable interest costs; an
increase in acquisition capitalization rates and more limited but available
access to equity and debt capital markets to fund, at acceptable costs,
Whiterock's future growth plans, and to enable Whiterock to refinance its
debts as they mature. Except as required by law, Whiterock does not undertake,
and specifically disclaims, any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise.

    %SEDAR: 00022234E




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

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WHITEROCK REAL ESTATE INVESTMENT TRUST

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