Huntingdon REIT announces sale process

    WINNIPEG, July 7 /CNW/ - Huntingdon Real Estate Investment Trust
("HREIT") (TSX: HNT.UN) announced today that its Board of Trustees have
approved a process to solicit proposals to acquire or merge with HREIT. This
decision was a result of the strategic review process announced on March 5,
2008 to enhance unitholder value.
    The Board of Trustees established a Special Committee comprised of all
the independent Trustees and chaired by Gary Goodman. The Special Committee
retained RBC Capital Markets as its financial advisor to assist with the
review of all the alternatives available to HREIT to enhance unitholder value.
    The Board of Trustees and the Special Committee believe that soliciting
proposals to acquire or merge with HREIT is timely, given the continuing
consolidation in the real estate sector, strong demand for quality commercial
real estate and the disparity between the public market valuation of small
market cap REITs relative to the private market valuation of their underlying
real estate. HREIT owns a 5.4 million square foot portfolio of well-maintained
and well-tenanted, Canadian office, retail and industrial buildings. The
assets are strategically located in mid-to-large sized Canadian cities with a
focus on Winnipeg and other high-growth Western Canadian economies with
excellent organic and external growth prospects. In addition to being
diversified by property type and geography, HREIT's portfolio also provides
staggered lease and mortgage maturities, historically strong occupancy levels
and development potential. HREIT's diverse tenant roster includes many
nationally recognized companies.
    For further information regarding the sale solicitation process, please
contact: Mr. Gary Goodman, Chairman of the Special Committee (Tel:
416-929-0108, Email: or RBC Capital Markets (Tel:
    Unitholders are cautioned that there can be no assurance that a sale or
merger transaction or another material development will result from the
strategic review process initiated by the Board of Trustees.

    About 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 79 income producing office, industrial,
retail and standalone parking lot properties that have a total gross leaseable
owned area of 5.4 million square feet; one property under development, 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 72,399,756 trust units outstanding and outstanding indebtedness
as of March 31, 2008, consisting of approximately $330 million of mortgage
debt and approximately $59 million of convertible debentures. For further
information on HREIT, please visit our website at

    The TSX 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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