InterRent REIT Announces Closing of Financing

    TORONTO, Oct. 12 /CNW/ - InterRent Real Estate Investment Trust
(TSX:  IIP.UN) ("InterRent") is pleased to announce that it has successfully
completed its non-brokered private placement offering of 1,000,000 units (the
"Units") to a current institutional unitholder for gross proceeds to InterRent
of $5,090,000. Each Unit is comprised of one trust unit (a "Trust Unit") and
one trust unit purchase warrant of InterRent (a "Warrant"). Each Warrant
entitles the holder to purchase one Trust Unit, subject to adjustment, at a
price of $5.09 for a period of 24 months from the date of closing. The Trust
Units and Warrants are subject to a hold period and may not be sold,
transferred or otherwise traded until February 13, 2008.
    The proceeds from the offering will be used for general corporate
purposes. Michael Newman, Chief Executive Officer of InterRent commented:
"This equity investment by a current unitholder validates InterRent's growth
strategy, provides additional funding for future acquisitions, and supports
management's belief that its units are currently trading below InterRent's net
asset value."

    About InterRent

    InterRent is a rapidly expanding, growth oriented real estate investment
trust engaged in building unitholder value through the accretive acquisition,
ownership and operation of strategically located income producing
multi-residential real estate, with 4,007 apartment suites under ownership.

    Forward Looking Statements

    This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "anticipated", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
InterRent is subject to significant risks and uncertainties which may cause
the actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by
the forward looking statements contained in this release. A full description
of these risk factors can be found in InterRent's publicly filed information
which may be located at InterRent cannot assure investors that
actual results will be consistent with these forward looking statements and
InterRent assumes no obligation to update or revise the forward looking
statements contained in this release to reflect actual events or new

For further information:

For further information: about InterRent please contact G. Michael
Newman, Chief Executive Officer, Tel: (905) 773-2435, Fax: (905) 773-2437,
e-mail:, web site:;
Gary Traer, Chief Financial Officer, Tel: (416) 769-0769, Fax: (416) 769-9919,

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InterRent Real Estate Investment Trust

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