Whiterock REIT Completes the Sale of its Interests in Three Quebec City Properties

    TORONTO, April 13 /CNW/ - Whiterock Real Estate Investment Trust
("Whiterock" or the "REIT") today announced that it has completed its
previously announced sale of its 50% undivided, non-managed interest in three
Quebec City properties, being 410 Charest, 750 Charest, and 880-930 Ste-Foy
through the exercise of buy-sell provisions in its co-ownership agreement,
which were initiated by Whiterock, for $51.75 million before closing costs and
adjustments. This represented an in-place cap rate of slightly below 7%.
    Whiterock originally acquired its interest in these assets in May 2006 at
a purchase price before closing costs of $46.6 million, which was satisfied in
part by $32.1 million of new and assumed mortgages at a blended interest rate
of 6.0%.

    Forward Looking Statements

    This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Forward-looking statements
include, but are not limited to, statements with respect to financial
performance, sale-leaseback opportunities, proposed acquisitions and equity or
debt offerings, new markets for growth, financial position, comparable
commercial REITs and proposed acquisitions. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved".
    Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Whiterock to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to: the risks related to the market for Whiterock's
securities, the general risks associated with real property ownership and
acquisition (including in particular but without limitation that any or all of
the properties subject to conditional agreement of purchase and sale will be
acquired as scheduled and/or on the terms currently anticipated and/or
described) that future accretive acquisition opportunities will be identified
and/or completed by Whiterock, lease maturities, risk management, liquidity,
debt financing, credit risk, competition, general uninsured losses, interest
rate fluctuations, environmental matters, restrictions on redemptions of
outstanding Whiterock securities, lack of availability of growth
opportunities, diversification, reliance on anchor or single tenant
properties, potential Unitholder liability, potential conflicts of interest,
the availability of sufficient cash flow, fluctuations in cash distributions,
the market price of Whiterock's units, the failure to obtain additional
financing, dilution, reliance on key personnel, changes in legislation,
failure to obtain or maintain mutual fund trust status and delays in obtaining
governmental approvals or financing as well as those additional factors
discussed in the section entitled "Risk Factors" in Whiterock's Annual
Information Form dated March 21, 2007, which can be obtained at www.sedar.com.

    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; Jason Underwood, (416)
907-4861; Paul Simcox, (416) 907-4862; Frank Bucys, CFO, (416) 907-4864

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