Temple REIT Completes the Acquisition of Fort McMurray Hotel

    WINNIPEG, Feb. 1 /CNW/ - Temple Real Estate Investment Trust ("TREIT")
(TSX Venture: TR.UN) announced today it has completed the previously announced
acquisition of the Advantage West Inn and Suites in Fort McMurray, Alberta.
The four-storey property is situated at 200 Parent Way, which runs parallel to
Highway 63, and contains 83 rooms, meeting facilities, sports bar, business
centre, fitness centre and continental breakfast area.
    The purchase price of $19.4 Million, subject to the usual closing
adjustments, was funded by a first mortgage loan in the amount of
$11.64 Million and the balance in cash. The first mortgage loan bears interest
at 6.285% for a five-year term and has a 15-year amortization.
    TREIT is the largest hotel owner in Fort McMurray with a portfolio
consisting of 566 rooms/suites in six properties.

    TREIT is a real estate investment trust, which is listed on the TSX
Venture Exchange under the symbol TR.UN. The objective of TREIT is to provide
Unitholders with stable cash distributions from investment in a geographically
diversified Canadian portfolio of hotel properties and related assets. There
are currently 9,493,397 trust units outstanding. For further information on
TREIT, please visit our website at www.treit.ca.

    This press release contains certain statements that could be considered
as forward-looking information. The forward-looking information is subject to
certain risks and uncertainties, which could result in actual results
differing materially from the forward-looking statements.

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

For further information:

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

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