Charter Real Estate Investment Trust

Charter Real Estate Investment Trust

September 26, 2007 16:27 ET

Charter Real Estate Investment Trust (TSX-V:CRH.UN) Updates Status of Acquisition of Western Canadian Portfolio

TORONTO, ONTARIO--(Marketwire - Sept. 26, 2007) - Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN)("Charter REIT") announces that it has decided not to move forward with the acquisition of a portfolio of Western Canadian properties announced on July 9, 2007. Charter REIT was not satisfied with certain aspects of the deal and could not come to agreeable revised terms with the vendor. As a result, Charter REIT decided it would be in the best interest of unitholders not to complete the acquisition. Charter REIT has an active acquisition pipeline and will continue to pursue properties that fit its acquisition criteria.

Charter REIT

Charter Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring a portfolio of retail and mixed-use retail real estate comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada, with the principal goal of generating a reliable and growing yield for its investors. Charter REIT owns five commercial real estate properties located in Ontario and Quebec.

This press release contains forward-looking statements. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Charter REIT undertakes no obligation to update such statements except as required by law.

The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 364-5705
Fax: (416) 861-8166

The TSX Venture Exchange does not accept responsibility for the adequacy of this press release.

Contact Information

  • Charter Real Estate Investment Trust
    Ari Silverberg
    President and Chief Operating Officer
    (416) 364-5705
    (416) 861-8166 (FAX)