Westfield Real Estate Investment Trust
TSX : WFD.UN

January 18, 2007 16:50 ET

Westfield REIT Announces $80 Million Offering of Units

WINNIPEG, MANITOBA--(CCNMatthews - Jan. 18, 2007) - Westfield Real Estate Investment Trust (TSX:WFD.UN) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Westfield Real Estate Investment Trust (TSX:WFD.UN) ("Westfield") announced that today it has entered into an agreement to sell to a syndicate of underwriters led by CIBC World Markets Inc. and Canaccord Adams, on a bought deal basis, 5,050,000 trust units ("Units") at a price of $15.85 per Unit for gross proceeds to Westfield of $80,042,500 (the "Financing"). The Financing is expected to close on or about February 8, 2007 and is subject to regulatory approval.

Westfield intends to use the net proceeds from the Financing for a combination of debt reduction, property acquisitions and for general working capital purposes.

Westfield REIT is a real estate investment trust listed on the TSX with the objective of acquiring and maintaining a growing portfolio of properties with stable cash distributions. Westfield REIT focuses on properties located in Western Canada, particularly in the province of Alberta.

The Units have not been registered under the US. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

This press release contains forward-looking statements. Westfield is subject to significant risks and uncertainties which may cause the actual results, performance or achievements of Westfield to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Such risk factors include, but are not limited to, risks associated with real property ownership, availability of cash flow, general uninsured losses, future property acquisitions, environmental matters, tax related matters, debt financing, unitholder liability, potential conflicts of interest, potential dilution, reliance on key personnel, changes in legislation and potential changes in the tax treatment of trusts. Westfield assumes no obligation to update or revise such forward-looking statements to reflect actual events or new circumstances.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Westfield Real Estate Investment Trust
    Mr. Armin Martens
    President and Chief Executive Officer
    (204) 947-1200
    or
    Westfield Real Estate Investment Trust
    Mr. Jim Green
    Chief Financial Officer
    (204) 947-1200
    (204) 947-0453 (FAX)