Huntingdon REIT announces normal course issuer bid for Series C Debentures

    WINNIPEG, Jan. 14 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT") (TSX: HNT.UN and HNT.DB.C) today announced that is has received
approval from the Toronto Stock Exchange ("TSX") for its proposed normal
course issuer bid to purchase up to an aggregate of $4,830,000 principal
amount of 7.50% Series C convertible redeemable subordinated unsecured
debentures (the "Series C Debentures"), representing approximately 10% of the
public float of the outstanding Series C Debentures. Purchases pursuant to the
bid will be made through the facilities of the Toronto Stock Exchange. The
period of the normal course issuer bid will extend from January 16, 2009, to
January 15, 2010 or an earlier date, should HREIT purchase the maximum number
of Series C Debentures. HREIT will pay the market price at the time of
acquisition for any Series C Debentures purchased through the facilities of
the Toronto Stock Exchange. All Series C Debentures acquired by HREIT under
this bid will be cancelled. As at the date hereof, the aggregate principal
amount of the issued and outstanding Series C Debentures and the public float
of Series C Debentures is $48,300,000. The average daily trading volume of the
Series C Debentures for the six month period ended December 31, 2008 was
$54,900 principal amount of Series C Debentures. Under TSX policies, the
maximum number of Series C Debentures that HREIT may purchase on a trading day
is $13,725 aggregate principal amount of Series C Debentures.
    HREIT is pursuing the normal course issuer bid of Series C Debentures
because it believes that, from time to time, the market price of the Series C
Debentures may not fully reflect the underlying value of the Series C
Debentures. HREIT believes that, in such circumstances, the outstanding Series
C Debentures represent an attractive investment for HREIT.

    HREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C
(Convertible Debentures). HREIT owns 77 income producing office, industrial,
retail and standalone parking lot properties that have a total gross leaseable
owned area of 5.4 million square feet; two land parcels held for development
and other development and expansion opportunities within the existing
portfolio. The properties are located in Manitoba, Ontario, Saskatchewan,
Alberta, British Columbia and Northwest Territories. HREIT also owns a third
party property management business. There are currently 72,589,214 trust units
outstanding. For further information on HREIT, please visit our website at

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

For further information:

For further information: Arni Thorsteinson, President & Chief Executive
Officer; or Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax:
(204) 452-5505, Email:

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