Northwest Value Partners announces it has initiated litigation against InterRent REIT Board of Trustees and related parties

    TORONTO, Aug. 5 /CNW/ - NorthWest Value Partners Inc. ("NorthWest")
announced today that it has initiated litigation against the Board of Trustees
of InterRent Real Estate Investment Trust - TSX:IIP.UN ("InterRent" or the
"Trust"), CLV Group Inc. and the parties to a proposed private placement
transaction involving InterRent by issuing a Notice of Application in the
Ontario Superior Court of Justice Commercial List for orders, among other
things, to set aside a number of proposed inter-related transactions including
the private placement (the "Transactions"), announced July 28, 2009 by
InterRent. In the alternative, NorthWest is seeking an order requiring
InterRent to give current unitholders an opportunity to fully consider, and
vote in respect of, the Transactions on an informed basis. NorthWest believes
that the trustees' recent actions, including in respect of approving the
Transactions, are self-dealing, represent a wasting of the Trust's financial
resources, disenfranchise current unitholders and are contrary to the duties
owed by the trustees to InterRent and its unitholders.
    "The purpose of the litigation that has been launched is to protect the
rights and interests of InterRent unitholders," said Paul Dalla Lana,
President of NorthWest. "If allowed to proceed, the Transactions will dilute
existing unitholders and effect a change of control of the Trust, without
providing the opportunity for unitholder approval and without providing
current unitholders with any liquidity options or control premium on their
    If you are an InterRent unitholder and are of the view that current
unitholders must be provided with the right to vote on the Transactions,
please contact NorthWest by telephone at (416) 366-8300 ex. 222 or by email at

    About NorthWest Value Partners Inc.:

    NorthWest, which owns and controls an approximately 34% interest in
InterRent, is a private real estate investment firm based in Toronto, Ontario
and is the founder and owner of NorthWest Healthcare Properties, Canada's
largest private owner and manager of medical office buildings and healthcare
facilities. Since its inception in 1992, NorthWest has established a strong
track record of successfully acquiring, developing and building value in real
estate across Canada.

For further information:

For further information: NorthWest Value Partners Inc., 284 King Street
East, Suite 100, Toronto, Ontario, M5A 1K4, Telephone: (416) 366-8300 ex. 222,

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NorthWest Value Partners Inc.

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