Retirement Residences Real Estate Investment Trust
TSX : RRR.UN
TSX : RRR.DB.B
TSX : RRR.DB.C

Retirement Residences Real Estate Investment Trust

January 12, 2007 12:39 ET

Retirement Residences Real Estate Investment Trust Receives Regulatory Consents

MISSISSAUGA, ONTARIO--(CCNMatthews - Jan. 12, 2007) - Retirement Residences Real Estate Investment Trust ("Retirement REIT") (TSX:RRR.UN)(TSX:RRR.DB.B)(TSX:RRR.DB.C) announced today that the Public Sector Pension Investment Board ("PSPIB") has confirmed the receipt, on terms satisfactory to it, of all the regulatory consents, waivers, approvals or authorizations which are a condition to the take-over offer made by PSPIB.

PSPIB has made an offer to acquire all of the issued and outstanding units of Retirement REIT at a price of $8.35 cash per unit. The offer is open for acceptance until 5:00 pm EST on January 15, 2007, and remains subject to customary conditions including the tender of at least 66 2/3% of units and the absence of a material adverse effect with respect to Retirement REIT. The Board of Trustees of Retirement REIT unanimously recommends that unitholders accept the offer and tender their units to the offer.

If you are in any doubt as to how to deal with this offer, you should consult your investment dealer, stockbroker or other professional advisor.

About Retirement REIT

Retirement REIT is the largest provider of accommodation and care for seniors in Canada. Retirement REIT owns 224 retirement and long term care facilities, including 40 facilities in select United States markets, and provides management services to 8 homes for other parties, with an aggregate resident capacity in excess of 26,500. Retirement REIT also provides nursing placement and in-home health care through its Central Health Services unit. For further information, see the Retirement REIT website at www.retirementreit.com.

About PSPIB

PSPIB is a Canadian crown corporation established to manage employer and employee contributions made after April 1, 2000 to the Federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police pension funds.

Contact Information

  • Retirement Residences Real Estate Investment Trust
    Tim Benson
    Vice President, Investor Relations & Corporate Finance
    (289) 360-1224
    (289) 360-1228 (FAX)
    Website: www.retirementreit.com