Cominar Announces Closing of the Investment of the Dallaire Family in the Complexe Jules-Dallaire


    QUEBEC CITY, May 4 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) announced today that it has closed its previously
announced transaction with a company indirectly owned by the Dallaire family
pursuant to which said company has acquired a five percent undivided ownership
interest in the Complexe Jules-Dallaire for a purchase price of approximately
$2 Million reflecting its pro-rata share of investments made to date in
respect of the Complexe Jules-Dallaire.
    In addition, as previously announced, Cominar and the said company have
entered into a co-owner's agreement, which includes various liquidity rights,
such as a buy-sell mechanism in favour of Cominar, mutual rights of first
refusal, and acquisition rights in favour of Cominar in the event of a change
of control of the said company, and in favour of the said company in the event
of an acquisition proposal in respect of Cominar.
    The Dallaire Family owns directly and indirectly approximately 19.3% of
the issued and outstanding units of Cominar.

    Portfolio as at May 4, 2009

    Cominar is the largest commercial property owner and manager in the
Province of Québec. Cominar owns a real estate portfolio of 215 high quality
properties, consisting of 38 office, 38 retail and 139 industrial and
mixed-use buildings that cover a total area of over 18.5 million square feet
in the Greater Québec City, Montreal and Ottawa areas. Cominar's objectives
are to deliver growing cash distributions to its unitholders and to maximize
unitholder value through proactive management and the growth of its portfolio.

    Forward-Looking Statements

    This press release may contain forward-looking statements with respect to
Cominar Real Estate Investment Trust and its operations, strategy, financial
performance and condition. These statements generally can be identified by use
of forward looking words such as "may", "will", "expect", "estimate",
"anticipate", "intends", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of Cominar Real Estate
Investment Trust could differ materially from those expressed or implied by
such statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations. Some
important factors that could cause actual results to differ materially from
expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described under
"Risk Factors" in the annual information form of Cominar Real Estate
Investment Trust. The cautionary statements qualify all forward-looking
statements attributable to Cominar Real Estate Investment Trust and persons
acting on its behalf. Unless otherwise stated, all forward-looking statements
speak only as of the date of this press release and Cominar Real Estate
Investment Trust has no obligation to update such statements.
    %SEDAR: 00010204EF

For further information:

For further information: Mr. Michel Dallaire, P.Eng., President and
Chief Executive Officer, Cominar Real Estate Investment Trust, (418) 681-8151

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Cominar Real Estate Investment Trust

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