InStorage Real Estate Investment Trust
TSX : IS.UN

InStorage Real Estate Investment Trust

November 27, 2008 08:24 ET

InStorage REIT Responds to Withdrawal of Unsolicited Take-Over Bid by Canadian Storage Partners; Comments on Ongoing Discussions

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2008) - InStorage Real Estate Investment Trust ("InStorage")(TSX:IS.UN) responded today to the announcement by Canadian Storage Partners, ULC ("CSP") on November 26, 2008 that CSP was terminating its unsolicited offer to acquire all of the outstanding trust units of InStorage at $3.75 per unit and continuing its negotiations with InStorage to see if the parties can agree on the terms and conditions of an offer by CSP at $4.00 per unit.

InStorage is willing to recommend an offer to its unitholders with a purchase price of $4.00 per unit or more. InStorage is also prepared to enter into a support agreement in connection with such an offer provided the conditions to completion are reasonable and the agreement is otherwise fair to InStorage. Discussions in this respect are ongoing with CSP.

No assurance can be given that InStorage will reach agreement with CSP or that CSP will make an offer at $4.00 per unit but InStorage believes there is a realistic prospect this will be achieved within the next short while.

InStorage intends to continue to pursue capital and business strategies to maximize unitholder value.

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