Whiterock REIT raises an additional $800,000 through the exercise of the underwriters' over-allotment option



    TSX - WRK.UN

    TORONTO, May 29 /CNW/ - Whiterock Real Estate Investment Trust
("Whiterock" or the "REIT") is pleased to announce that, in connection with
Whiterock's recently closed public equity offering of trust units (the
"Offering") for gross proceeds of approximately $10 million, the underwriters
have partially exercised their over-allotment option to purchase an additional
55,900 trust units at a price of $14.80 per unit, for total gross proceeds of
$827,320. In total, the aggregate gross proceeds of the Offering totalled
approximately $10,891,000.
    The Offering was completed on a bought deal basis, through a syndicate of
underwriters led by TD Securities Inc. and including CIBC World Markets Inc.,
Canaccord Capital Corporation, National Bank Financial Inc., Scotia Capital
Inc. and Dundee Securities Corporation.
    Whiterock intends to use the net proceeds of the Offering to: reduce its
overall indebtedness through the repayment of long-term debt, to fund future
acquisitions, and/or for general trust purposes.

    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, the Greater Toronto
Area, Ottawa, Montreal, Quebec City and Halifax. The portfolio's average lease
term is approximately 8 years, with approximately 59% leased to government or
investment grade firms. At the close of market on May 28, 2009, Whiterock's
units provided a yield of 22.7%.

    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
thereof. 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 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 opportunities 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 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,
over-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, 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 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.

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

    %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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