Alexis Nihon Real Estate Investment Trust

Alexis Nihon Real Estate Investment Trust

December 14, 2006 16:03 ET

Alexis Nihon Announces Resignation of Ian Wetherly as Trustee

MONTREAL, QUEBEC--(CCNMatthews - Dec. 14, 2006) - The Board of Trustees of Alexis Nihon REIT (TSX:AN.UN) today announced it received notification from Ian G. Wetherly yesterday of his decision to resign with immediate effect from his position as a trustee of the REIT.

In his letter to the Board of Trustees, Mr. Wetherly stated he resigned for personal reasons. Despite his resignation, he continues to support the proposed combination between Alexis Nihon REIT and Cominar REIT and his decision to step down as a trustee in no way reflects on that support.

Members of the Board of Trustees thanked Mr. Wetherly for his service and dedication to the REIT and wished him well in his future endeavours.

The combination of Cominar and Alexis Nihon was announced on Dec. 4, 2006. The proposed transaction will see the creation of an entity that will have a market capitalization exceeding $1.2 billion, making it the eighth-largest real estate investment trust in Canada in terms of market capitalization. Cominar Nihon will also have total assets of approximately $1.8 billion and it will create one of the largest owners and managers of commercial real estate in the Province of Quebec, with 204 properties and approximately 19.3 million square feet of leasable space.

About Alexis Nihon REIT

The REIT currently owns interests in 65 office, retail, and industrial properties, including a 426-unit multi-family residential property, all located in the greater Montreal area and the National Capital Region. The REIT's portfolio has an aggregate of 9.1 million square feet of leasable area, of which 0.4 million square feet is co-owned.

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