Temple REIT announces exercise and closing of over-allotment option

    WINNIPEG, March 14 /CNW/ - Temple Real Estate Investment Trust ("Temple
REIT") (TSX-V: TR.UN) announced today that it has issued and sold an
additional 696,000 trust units ("Units") at a price of $5.00 per Unit and
additional 5 Year 7.50% Series A Convertible Redeemable Debentures
("Debentures") in the total principal amount of $1,680,000 for total aggregate
gross proceeds of $5,160,000. The Units and Debentures were issued and sold
pursuant to the exercise by the syndicate of agents led by Blackmont Capital
Inc., and including Wellington West Capital Inc., Dundee Securities
Corporation, Raymond James Ltd., HSBC Securities (Canada) Inc. and Westwind
Partners Inc. (collectively, the "Agents"), of the over-allotment option
granted by Temple REIT to the Agents under the agency agreement, dated
December 28, 2006.
    Temple REIT intends to use the net proceeds from the issue and sale of
additional Units and Debentures to fund the acquisition of additional hotel
properties and assets and for general purposes, as more particularly disclosed
in its final prospectus dated December 28, 2006.

    Temple REIT is a real estate investment trust, which is listed on the TSX
Venture Exchange under the symbol TR.UN. The objective of Temple REIT is to
provide Unitholders with stable cash distributions from investment in a
geographically diversified portfolio of hotel properties, primarily in Canada.
After giving effect to the Offering, there are currently 8,841,837 trust units
outstanding. For further information on Temple REIT, please visit our website
at www.treit.ca

    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this press release and does not accept responsibility for the
    adequacy or accuracy of this press release.

    This press release contains forward-looking statements. Temple REIT 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 in these
forward-looking statements. Such risk factors include, but are not limited to,
risks associated with real property ownership, the impact of general economic
conditions, industry conditions, interest rate fluctuations, tax-related risk
factors, governmental regulation, environmental risks, competition from other
industry participants, stock market volatility, the ability to access
sufficient capital from internal and external sources and the risk of
fluctuation and variation in actual operating results, which variation may be
material. Temple REIT cannot assure investors that actual results will be
consistent with any forward-looking statement and does not assume any
obligation to update or revise such forward-looking statements to reflect
actual events or new circumstances, except as expressly required by applicable
securities laws.

For further information:

For further information: Arni Thorsteinson, Chief Executive Officer or
Gino Romagnoli, Chief Financial Officer, Tel: (204) 475-9090, Fax: (204)
452-5505, Email: info@treit.ca

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890