InterRent Real Estate Investment Trust

InterRent Real Estate Investment Trust

October 15, 2009 17:05 ET

InterRent REIT Announces NorthWest Value Partners Inc. Appeals Decision of Ontario Superior Court of Justice

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2009) -


InterRent Real Estate Investment Trust (TSX:IIP.UN)(TSX:IIP.DB) ("InterRent" or the "REIT") announces that NorthWest Value Partners Inc. ("NorthWest") has filed a notice of appeal with the Court of Appeal for Ontario appealing the Ontario Superior Court of Justice decision dated September 28, 2009 relating to the $14 million private placement of units at $1.50 per unit that closed on September 3, 2009 (the "Private Placement"). While the Ontario Superior Court of Justice directed a trial on certain matters, the Court denied most of the requests by NorthWest, including a declaration that the trustees of InterRent did not have the authority to close the Private Placement and that the investors in the Private Placement not be permitted to vote at the annual and special meeting of unitholders of InterRent held on September 30, 2009.

"Having been unsuccessful before the Toronto Stock Exchange, Ontario Securities Commission and in two Superior Court proceedings, it is very disappointing to learn that NorthWest continues to pursue its litigation against the REIT", noted Mike McGahan, InterRent Chief Executive Officer. "InterRent will continue to vigorously defend itself against NorthWest's allegations and hold NorthWest accountable for its wasting of REIT resources", he added. InterRent will update the market on material aspects of the appeal as they develop.

About InterRent

InterRent is a real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 4,033 apartment suites under ownership.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "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". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at InterRent cannot assure investors that actual results will be consistent with these forward looking statement. InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

Contact Information

  • InterRent Real Estate Investment Trust
    Gary V. Traer, CMA
    Chief Financial Officer
    (416) 769-0769
    (416) 769-9919 (FAX)