Whiterock REIT Announces $20,000,000 Bought Deal Financing



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

    TORONTO, Sept. 11 /CNW/ - Whiterock Real Estate Investment Trust
("Whiterock") (TSX: WRK.UN) today announced that it has entered into an
agreement to sell, on a bought deal basis to a syndicate of underwriters,
$20,000,000 aggregate principal amount of 7.00% convertible unsecured
subordinated debentures, series G, due December 31, 2014 (the "Debentures") at
a price of $1,000 per Debenture. The syndicate is led by TD Securities Inc.
and includes CIBC, Canaccord Capital Corporation, Scotia Capital Inc.,
National Bank Financial Inc. and Dundee Securities Corporation (collectively,
the "Underwriters"). Whiterock has granted the Underwriters an over-allotment
option to purchase up to an additional $3,000,000 aggregate principal amount
of Debentures at the same price (plus accrued interest from closing of the
offering), exercisable in whole or in part at any time for a period of up to
30 days following closing of the offering, to cover over-allotments. The
Debentures will bear interest at a rate of 7.00% per annum payable
semi-annually, and will be convertible at the option of the holder into units
of Whiterock at a conversion price of $26.06 per unit. 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 that will be filed on or about September 17, 2009. This offering is
subject to customary regulatory approvals and is expected to close on or about
October 1, 2009. The Debentures will be issued pursuant to Whiterock's trust
indenture dated December 20, 2005, as supplemented, and will rank pari passu
with Whiterock's other series of convertible debentures which are outstanding
under that indenture.
    The securities 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 is anchored by high credit tenants with
long-term leases. The portfolio consists of 44 properties totalling 3.4
million square feet, located in 13 markets across Canada, including Calgary,
Edmonton, Regina, Saskatoon, Toronto, Ottawa, Montreal and Quebec City.

    Forward Looking Statements

    This news release contains "forward-looking statements" within the
meaning of applicable securities legislation. These forward-looking statements
generally can be identified by the use of forward-looking terminology such as
"may", "will", "expect" "estimate", "anticipate", "intend", "believe" or
"continue", the negative forms thereof and similar expressions suggesting
future outcomes or events. Such forward-looking statements reflect
management's current beliefs and are based on information currently available
to management. These 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 events, results or prospects to be
materially different from those expressed or implied herein. Readers are
cautioned that a number of risks, uncertainties and other factors, including
those discussed in Whiterock's various securities filings, including the
section entitled "Risk Factors" in Whiterock's Annual Information Form which
can be obtained at www.sedar.com, could cause actual events, results or
prospects to differ materially from those stated or implied. These risks,
uncertainties and other factors should be considered carefully, and a reader
should not place undue reliance on forward-looking statements, as there can be
no assurance that actual events, results or prospects will be consistent with
such statements. In particular, but without limitation, there can be no
assurance that Whiterock will be to able to complete its bought deal
financing. 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; Frank Bucys, CFO, (416)
907-4864; Jennifer Kosloski, (416) 979-3026

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WHITEROCK REAL ESTATE INVESTMENT TRUST

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