Summit REIT to Tender its Units in Alexis Nihon to Homburg Offer


    TORONTO, March 9 /CNW/ - Summit Real Estate Investment Trust announced
today that it currently intends to tender into the proposed offer by Homburg
Acquisition Inc. ("Homburg") to acquire all of the outstanding units of Alexis
Nihon Real Estate Investment Trust at $18.60 per unit.
    "We are pleased that our strategic decision to become involved in the
process has created additional value for all unitholders of Alexis Nihon,"
said Paul Dykeman, Chief Executive Officer of Summit. "While we considered a
number of alternatives and were initially interested in acquiring some or all
of Alexis Nihon's assets, we accept that others were prepared to assign
substantially more value to those assets. We are very satisfied with the
significant premium per unit that the Homburg offer represents on Summit's
holdings in Alexis Nihon."
    "Looking ahead, we will continue to seek out attractive real estate
investments, including acquisitions of industrial, retail, office and
multi-family properties that will grow our existing real estate investment
funds or seed new investment vehicles," Mr. Dykeman concluded.

    Summit REIT, Canada's largest industrial landlord, is managed by ING Real
Estate Canada LP. ING Real Estate Canada LP is part of the global ING Real
Estate business and is one of Canada's largest real estate management
companies providing real estate fund management, portfolio management, asset
management and property management, including sales, acquisitions, development
and leasing.
    Over time ING Real Estate Canada intends to offer a diverse range of
investment funds in all segments of the Canadian real estate business.
    Brookfield Financial is providing financial advice to Summit REIT with
respect to its investment in Alexis Nihon.

For further information:

For further information: ING Real Estate Canada LP: Paul Dykeman, Chief
Executive Officer, Toll-Free (866) 786-6481 and Fax Toll-Free (866) 786-1300,

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