InStorage Real Estate Investment Trust
TSX : IS.UN

InStorage Real Estate Investment Trust

November 19, 2008 14:14 ET

InStorage REIT Board of Trustees Provides Further Update, Announces Discussions With Canadian Storage Partners, ULC

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2008) - The Board of Trustees of InStorage Real Estate Investment Trust ("InStorage") (TSX:IS.UN) today provided a further update regarding the status of InStorage's process to review strategic alternatives to the take-over bid made by Canadian Storage Partners, ULC ("Partners ULC") to acquire all of the outstanding trust units of InStorage at a price of $3.75 per unit.

InStorage and Partners ULC have agreed, subject to Partners ULC's due diligence review of InStorage's business, to negotiate the terms of a definitive support agreement pursuant to which Partners ULC would raise its current offer to $4.00 cash per InStorage unit. In addition to an offer price of $4.00 cash per InStorage unit, the definitive agreement would contain customary terms and conditions, including a non-solicitation covenant from InStorage, the right for InStorage to deal with superior proposals, a right for Partners ULC to match any such superior proposal and a termination fee of $3.25 million payable to Partners ULC in customary circumstances.

InStorage has granted Partners ULC access to its data room for due diligence purposes. InStorage has also agreed not to sign a definitive acquisition or support agreement with any other interested party before noon on Friday, November 21, 2008.

InStorage Real Estate Investment Trust

InStorage is an unincorporated open-ended real estate investment trust that invests primarily in self-storage properties throughout Canada. InStorage is the largest owner operator of self-storage facilities in Canada and is the country's leading self-storage industry consolidator, with a current portfolio of 60 owned self-storage properties located in British Columbia, Alberta, Saskatchewan, Ontario and Quebec.

Additional information concerning InStorage may be obtained on its website, www.instoragereit.ca, and on the SEDAR website at www.sedar.com, under InStorage's profile.

Contact Information

  • InStorage Real Estate Investment Trust
    James Tadeson
    Chief Executive Officer
    (416) 867-9705
    Website: www.instoragereit.ca