Dundee REIT

Dundee REIT

February 24, 2005 09:35 ET

Dundee REIT To Issue A Further $25 Million In Convertible Debentures Bringing Offering To $100 Million


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DUNDEE REIT

TSX SYMBOL: D.UN

FEBRUARY 24, 2005 - 09:35 ET

Dundee REIT To Issue A Further $25 Million In
Convertible Debentures Bringing Offering To $100
Million

TORONTO, ONTARIO--(CCNMatthews - Feb. 24, 2005) - DUNDEE REIT (TSX:D.UN)
today announced that it has agreed to sell, on a bought deal basis, a
further $25,000,000 principal amount of Convertible Unsecured
Subordinated Debentures ("Debentures") to a syndicate of underwriters
led by TD Securities Inc. and Scotia Capital Inc. As a result, Dundee
REIT and the underwriters have agreed to amend their agreement of
February 23, 2005 to provide that Dundee REIT will sell the underwriters
an aggregate principal amount of $100,000,000 of Debentures having the
same terms as previously announced.

The Debentures have not been and will not be registered under the United
States Securities Act of 1933 and accordingly will not be offered, sold
or delivered, directly or indirectly within the United States, its
possessions and other areas subject to its jurisdiction or to, or for
the account or for the benefit of a U.S. person, except in limited
circumstances.

Dundee REIT is an unincorporated, open-ended real estate investment
trust. We are a provider of high quality, affordable business premises.
We focus on owning, acquiring, leasing and managing mid-sized urban and
suburban office and industrial properties in Canada. Our diversified
portfolio consists of approximately 13.2 million square feet of gross
leasable area, located primarily in our target markets of Toronto,
Ottawa, Montreal, Calgary and Edmonton. Our portfolio is well
diversified by asset type, geographic location and tenant mix. For more
information, please visit www.dundeereit.com.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    DUNDEE REAL ESTATE INVESTMENT TRUST
    Michael J. Cooper
    President and Chief Executive Officer
    (416) 365-5145
    mcooper@dundeereit.com
    or
    DUNDEE REAL ESTATE INVESTMENT TRUST
    J. Michael Knowlton
    Executive Vice-President and Chief Financial Officer
    (416) 365-2325
    mknowlton@dundeereit.com