InStorage Real Estate Investment Trust
TSX : IS.UN

InStorage Real Estate Investment Trust

November 21, 2008 13:07 ET

InStorage REIT Board of Trustees Provides Further Update

TORONTO, ONTARIO--(Marketwire - Nov. 21, 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 advised by press release on November 19, 2008 that it was in discussions with Partners ULC. The parties initially anticipated that a definitive support agreement would be completed by noon today, November 21, 2008, being the expiry date of Partners ULC's take-over bid.

InStorage and Partners ULC today agreed to continue negotiation of a definitive support agreement pursuant to which Partners ULC would raise its current offer to $4.00 cash per InStorage unit. In connection therewith, Partners ULC has advised InStorage that it will extend the expiry date of its existing take-over bid to acquire all of the outstanding trust units of InStorage until December 5, 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
    T. James Tadeson
    Chief Executive Officer
    (416) 867-9705
    Website: www.instoragereit.ca