Go Shop Period Expires

    TORONTO, Oct. 1 /CNW/ - IPC US Real Estate Investment Trust ("IPC REIT")
(TSX: US$:IUR.U, C$:IUR.UN) today announced that the "go shop" period under
the purchase agreement (the "Purchase Agreement") dated August 14, 2007
between IPC REIT, Behringer Harvard REIT I, Inc. and its wholly-owned
subsidiary, Everclear Acquisition Corporation, expired on September 30, 2007.
    Until September 30, 2007, IPC REIT was entitled to solicit proposals from
other parties interested in acquiring IPC REIT, subject to a break fee of
US$6.0 million payable by IPC REIT if the Board of Trustees changes its
recommendation of the Behringer Harvard transaction or accepts a "superior
proposal" from another party during this "go-shop" period and the right of
Behringer Harvard to match any superior proposal. IPC REIT is now only
entitled to respond to unsolicited proposals received from other parties,
subject to a higher break fee of US$12.0 million.
    Under the Purchase Agreement, Everclear has agreed to indirectly acquire
the assets and assume the liabilities of IPC REIT in an all cash transaction
valued at approximately US$1.4 billion. Following the closing of the
transaction, all of the issued and outstanding Units of IPC REIT will be
redeemed at a redemption price of US$9.75 per Unit in cash plus (i) any
declared and unpaid monthly distributions, and (ii) $0.0667 per Unit, pro
rated on the basis of the number of days that have passed in the month in
which the Closing occurs. IPC REIT will thereafter be wound up. Under the
terms of the Purchase Agreement, IPC REIT is entitled to continue paying its
monthly distributions of $0.0667 per Unit.
    The completion of the transaction is contingent upon customary closing
conditions, including regulatory approvals and third party consents, and the
approval of 66 2/3% of the votes cast by Unitholders at a special meeting to
be held on October 16, 2007. On September 10, 2007, IPC REIT mailed to
Unitholders a management information circular for such special meeting, a copy
of which is available on SEDAR (www.sedar.com). The closing is expected to
occur in the early part of November 2007, subject to IPC REIT obtaining all
required consents. IPC REIT's Board of Trustees has unanimously recommended
the approval of the transaction by its Unitholders. Unitholders entitled to
vote at the special Unitholder meeting must return their voting instructions
forms or forms of proxy to their nominees. All voting instructions and proxies
must be received by IPC REIT's transfer agent, CIBC Mellon Trust Company, not
later than 5:00 p.m. (Toronto time) on October 12, 2007, or at least two
business days prior to the date of any adjourned or postponed meeting.

    About IPC REIT

    IPC REIT is the only real estate investment trust in Canada that invests
exclusively in U.S. commercial real estate. IPC REIT beneficially owns an
87.0% interest in IPC (US), Inc. which has ownership interests in a portfolio
of 35 office buildings comprising a total of 9.6 million square feet of
rentable space.
    The Units of IPC REIT are listed on the Toronto Stock Exchange under the
symbol "IUR.UN" for Canadian dollar quoted Units and "IUR.U" for US dollar
quoted Units. For more information on IPC REIT, please visit IPC REIT's
website at www.ipcreit.com.

    About Behringer Harvard

    Behringer Harvard is a commercial real estate company investing in assets
in the U.S. and internationally. The company creates and manages strategic
real estate fund opportunities across a wide spectrum of investment styles for
retail investors, as well as domestic and international institutions, through
its real estate investment trusts, partnerships, joint ventures and
proprietary program structures. For more information, visit

    Forward-Looking Statements

    From time to time, IPC REIT makes written or oral forward-looking
statements. Statements of this type are included in this press release, and
may be included in other filings with Canadian securities regulators and other
communications. All such statements are made pursuant to the 'safe harbour'
provisions of, and are intended to be "forward-looking statements", within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and forward looking information under the provisions of Canadian provincial
securities laws. Forward-looking statements may involve, but are not limited
to, comments with respect to our objectives and priorities for 2007 and
beyond, our strategies or future actions, our targets, expectations for our
financial condition or Unit price, and the results of or outlook for our
operations or for the Canadian or U.S. economies. The words "may", "could",
"should", "would", "suspect", "outlook", "believe", "plan", "anticipate",
"estimate", "expect", "intend", "forecast", "objective", and words and
expressions of similar import are intended to identify forward-looking
    By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties. There is
significant risk that predictions, forecasts, conclusions or projections will
not prove to be accurate, that our assumptions may not be correct and that
actual results may differ materially from such predictions, forecasts,
conclusions or projections. We caution readers of this press release not to
place undue reliance on our forward-looking statements as a number of factors
could cause actual future results, conditions, actions or events to differ
materially from the targets, expectations, estimates or intentions expressed
in the forward-looking statements. These factors include industry risk, risks
inherent in the ownership of real property, competition, financial leverage,
additional funding requirements, capital requirements for growth, interest
rates, tenant bankruptcies, labour disruptions, geographic concentration,
foreign exchange risk, environmental liability risk, credit risk, availability
of cash flow for distributions and liquidity risk. We caution that the
foregoing list of important factors that may affect future results is not
exhaustive. When relying on our forward-looking statements to make decisions
with respect to us, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. We do not
undertake to update any forward-looking statement, whether oral or written,
that may be made from time to time by us or on our behalf.

For further information:

For further information: Gary M. Goodman, President and Chief Executive
Officer, IPC US REIT, Tel: (416) 929-0514, Fax: (416) 929-5314,

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