InterRent REIT Announces Closing of Over Allotment Option


    TORONTO, March 13 /CNW/ - InterRent Real Estate Investment Trust
(TSX-V:IIP.UN) ("InterRent") announced today that it has closed the
over-allotment option granted to the underwriters in connection with its
previously announced offering of $50 million in trust units. At the closing of
the over-allotment option, 485,000 trust units were sold to the syndicate of
underwriters, which was led by Canaccord Capital Corporation, at a price of
$5.50 per trust unit for aggregate proceeds of $2,667,500. InterRent intends
to use the net proceeds of the over-allotment option towards the acquisition
of the balance of its previously announced 22 multi-residential real estate
properties currently under contract, the acquisition of additional properties
under consideration and for general corporate purposes.

    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 2,462 apartment suites under ownership and
approximately 774 suites under contract, for a total of more than 3,200
apartment suites.

    This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination
in the United States. 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.

    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
    There is no assurance that the specified acquisitions will be completed
within the anticipated timeframes expressed above or at all. These
transactions are all conditional upon financing.

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

    %SEDAR: 00024552E

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:;
J. Lewis, Business Development, Tel: (416) 364-2266, e-mail:; Gary Traer, Chief Financial Officer, Tel: (416)
769-0769, Fax: (416) 769-9919, e-mail:

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InterRent Real Estate Investment Trust

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