InStorage REIT closes $105 million bought deal equity financing


    TORONTO, April 3 /CNW/ - (TSXV: IS.UN) InStorage Real Estate Investment
Trust (the "REIT") announced today the closing of its previously announced
bought deal equity offering of 72,415,000 trust units at a price of $1.45 per
unit, for gross proceeds of $105,001,750.
    Canaccord Adams led the syndicate of underwriters of the offering that
included RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities
Inc., National Bank Financial Inc., Blackmont Capital Inc. and Trilon
Securities Corporation (the "Underwriters"). The proceeds of the offering will
be used to satisfy the cash portion of the purchase price for the REIT's
recently announced StorageNOW and Apple Self Storage portfolio acquisitions,
to provide cash for future acquisitions and the REIT's mezzanine lending
activities and for general corporate purposes. The REIT has also granted the
Underwriters an option to purchase additional trust units for a period of
30 days following closing equal to the lesser of 7,241,500 trust units and the
Underwriters' over-allocation position as of closing.

    InStorage Real Estate Investment Trust

    The REIT is an unincorporated open-ended real estate investment trust
that invests primarily in self-storage properties and ancillary businesses
throughout Canada. The REIT indirectly owns 25 self-storage properties located
in Ontario and Alberta, and is presently the second largest owner/operator of
self-storage facilities in Canada.
    Additional information concerning the REIT may be obtained on the REIT's
website,, or on the SEDAR website at, under
the REIT's profile.

    Forward-Looking Information

    This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the REIT to
be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Examples of such
statements include: the intention of the REIT to complete the StorageNOW and
Apple Self Storage portfolio acquisitions mentioned above and to use the
proceeds of the offering to fund future acquisitions and for the REIT's
mezzanine lending activities. Actual results and developments are likely to
differ, and may differ materially, from those expressed or implied by the
forward-looking statements contained in this press release. Such
forward-looking statements are based on a number of assumptions which may
prove to be incorrect, including, but not limited to: the ability and desire
of the REIT and its subsidiaries to obtain other necessary financing, satisfy
conditions under the transaction agreements and complete the StorageNOW and
Apple Self Storage portfolio transactions; the ability and desire of the
parties to the transactions to comply with the terms of the transaction
agreements; and the availability of future acquisition and mezzanine lending
opportunities to the REIT. While the REIT anticipates that subsequent events
and developments may cause its views to change, it specifically disclaims any
obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing the REIT's views as of
any date subsequent to the date of this press release. Although the REIT has
attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no assurance
that forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The factors identified above are not intended to
represent a complete list of the factors that could affect the REIT.
Additional factors are noted under "Risk Factors" in the REIT's short form
prospectus dated March 28, 2007, a copy of which may be obtained on the SEDAR
website at

    The securities being offered have not, nor will they be registered under
the United States Securities Act of 1933, as amended, and may not be offered
or sold within the United States or to, or for the account or benefit of, U.S.
persons absent U.S. registration or an applicable exemption from the U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: InStorage Real Estate Investment Trust, T.
James Tadeson, Chief Executive Officer, Tel: (416) 867-9705

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