Whiterock REIT Announces $3,000,000 Exercise of Underwriters' Over-Allotment



TORONTO, Oct. 28 /CNW/ - Whiterock Real Estate Investment Trust ("Whiterock") announced today that, in connection with Whiterock's recently closed public offering (the "Offering") of 7.0% convertible unsecured subordinated debentures, series G (the "Debentures") for gross proceeds of $20 million, the underwriters have exercised in full their over-allotment option to purchase up to an additional $3,000,000 aggregate principal amount of Debentures at a price of $1,000 per Debenture. In total, the aggregate gross proceeds of the Offering totalled $23,000,000.

The Offering was completed on a bought deal basis, through a syndicate of underwriters led by TD Securities Inc. and including CIBC World Markets Inc., Canaccord Capital Corporation, Scotia Capital Inc., National Bank Financial Inc. and Dundee Securities Corporation.

Whiterock intends to use the net proceeds of the Offering for debt repayment, future acquisitions and general trust purposes.

About Whiterock

Whiterock's existing portfolio is anchored by high credit tenants with long-term leases. The portfolio consists of 44 properties totalling 3.4 million square feet, located in 13 markets across Canada, including Calgary, Edmonton, Regina, Saskatoon, Toronto, Ottawa, Montréal and Québec City.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect" "estimate", "anticipate", "intend", "believe" or "continue", the negative forms thereof and similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future events or performance and, by their nature, are based on Whiterock's estimates and assumptions, which are subject to known and unknown risks, uncertainties and other factors that may cause the actual events, results or prospects to be materially different from those expressed or implied herein. Readers are cautioned that a number of risks, uncertainties and other factors, including those discussed in Whiterock's various securities filings, including the section entitled "Risk Factors" in Whiterock's Annual Information Form which can be obtained at www.sedar.com, could cause actual events, results or prospects to differ materially from those stated or implied. These risks, uncertainties and other factors should be considered carefully, and a reader should not place undue reliance on forward-looking statements, as there can be no assurance that actual events, results or prospects will be consistent with such statements. Except as required by law, Whiterock does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

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

%SEDAR: 00022234E


For further information: For further information: www.whiterockreit.ca; Frank Bucys, CFO, (416) 907-4864; Jennifer Kosloski, (416) 979-3026

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