Artis REIT confirms closing of $193.7 million of previously announced acquisitions

    WINNIPEG, April 11 /CNW/ - Artis Real Estate Investment Trust
(TSX: AX.UN) ("Artis" or "the REIT", previously known as Westfield Real Estate
Investment Trust), is pleased to provide an update on its previously announced
acquisition plans.
    "We are very pleased to confirm to our Unitholders that as of April 1,
2007, all of the acquisitions announced on December 14, 2006, and January 18,
2007, have now closed," said Armin Martens, CEO of the REIT. "Artis acquired
these properties at a weighted average going-in cash yield, or capitalization
rate, of 6.9%. The going-in cash yield of 6.9% does not include additional
upside realizable on the roll-over of leases," said Mr. Martens. "Management
estimates that the weighted average in-place rents for these acquisitions are
nearly 40% below today's market rates".

                                                              Price   Sq. Ft.
    Property  Acquisition                            Key       (in   Leasable
      Name        Date     Location      Type      Tenants    000's)   Area
     Delta      December   Edmonton,  Industrial  Dairyland  $ 3,900   35,448
     Centre      29/06        AB                    Fluid
                                                   Ltd. (a
                                                  of Saputo)
      CDI       January    Winnipeg,    Office   CDI College $ 4,590   24,300
    College      13/07        MB
    Keewatin    January    Winnipeg,  Industrial   Rosedale  $ 9,600  201,154
     Distri-     31/07        MB                  Transport;
     bution                                        Portage
     Centre                                        Cartage;
    Clareview   February   Edmonton,    Retail      Empire   $13,800   55,900
       Town       1/07        AB                   Theaters;
      Centre                                       XS Cargo
     Centre     February    Calgary,    Office       CGI,    $26,775  132,251
      70(1)      28/07        AB                   Calgary
    Honeywell   February    Calgary,  Industrial      BW     $15,841   61,874
     Building    28/07        AB                   Technolo-
    Millennium  February   Red Deer,    Office       NOVA
      Centre     28/07        AB                  Chemicals,
                                                  DC Energy
                                                  Group Inc. $25,500  104,580
      Bower      March     Red Deer,  Industrial   Kal Tire, $15,784  125,777
      Centre      1/07        AB                      The
                                                  People Ltd.
       Dome      March      Calgary,    Office     Geologic  $64,200  220,811
     Brittania   31/07        AB                    Systems,
    (Brittania                                     DC Energy
    and Sierra                                     Group Inc,
      Bldgs)                                        Leader
     MTS Call    April     Winnipeg,    Office       MTS
      Centre      1/07        MB                  Allstream  $13,750   75,986
    (1) Artis paid $26,775 for an 85% ownership interest in the
        132,251 square foot Centre 70 property

    Artis financed these acquisitions with cash and from the proceeds of new
mortgage financing, bearing a weighted average interest rate of 5.06% per
annum. Further details about these properties can be found on the REIT's web
site at

    Artis (formerly Westfield REIT) is a growth-oriented real estate
investment trust focused exclusively on commercial properties located in
primary and growing secondary markets in Western Canada, particularly in
Alberta. The REIT's goal is to provide unitholders the opportunity to invest
in high-quality Western Canadian office, retail and industrial properties, as
well as to provide monthly cash distributions that are stable, tax efficient,
and growing over time. To date, Artis has acquired approximately $660 million
of commercial property; approximately 19.6% in Manitoba, 11.6% in
Saskatchewan, 67.9% in Alberta, and 0.9% in B.C. Artis owns 45 properties,
comprising over 3.9 million square feet of leasable area (36.1% retail,
49.1% office and 14.8% industrial).
    Artis REIT's Distribution Reinvestment Plan ("DRIP") allows Unitholders
to have their monthly cash distributions used to purchase trust units without
incurring commission or brokerage fees, and receive bonus units equal to 4% of
their monthly cash distributions. More information can be obtained at

    This press release contains forward-looking statements. Artis is subject
to significant risks and uncertainties which may cause the actual results,
performance or achievements of Artis to be materially different from any
future results, performance or achievements expressed or implied in these
forward-looking statements. Such risk factors include, but are not limited to,
risks associated with real property ownership, availability of cash flow,
general uninsured losses, future property acquisitions, environmental matters,
tax related matters, debt financing, unitholder liability, potential conflicts
of interest, potential dilution, reliance on key personnel, changes in
legislation and potential changes in the tax treatment of trusts. Artis cannot
assure investors that actual results will be consistent with any
forward-looking statement and Artis assumes no obligation to update or revise
such forward-looking statements to reflect actual events or new circumstances.

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

For further information:

For further information: Mr. Armin Martens, President and Chief
Executive Officer, or Mr. Jim Green, Chief Financial Officer of the REIT, at
(204) 947-1250

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