InStorage Real Estate Investment Trust
TSX : IS.UN

InStorage Real Estate Investment Trust

October 17, 2008 08:05 ET

InStorage REIT Responds to Offer by Canadian Storage Partners

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2008) - InStorage Real Estate Investment Trust ("InStorage" or the "REIT") (TSX:IS.UN) issued the following statement in response to the offer yesterday by Canadian Storage Partners, ULC ("Partners ULC") to acquire all of the outstanding trust units of InStorage and the Class B and Class C limited partnership units of InStorage Limited Partnership for $3.75 in cash per unit.

To assist with the review of the unsolicited offer, the Board of InStorage has appointed a Special Committee and has engaged Brookfield Financial, RBC Capital Markets and McCarthy Tetrault LLP as its advisors. Partners ULC has not previously sought a negotiated agreement with InStorage, nor has Partners ULC had any discussions with InStorage or access to any non-public information of InStorage. Partners ULC's unsolicited offer appears to be an opportunistic attempt to acquire InStorage's strong business and platform for growth near the historic lows recently touched by InStorage's units in a turbulent market environment. InStorage unitholders are urged to take no action with respect to the offer (which is open for acceptance until November 21) until such time as the trustees of InStorage have issued further communication with respect to the offer.

InStorage Real Estate Investment Trust

The REIT is an unincorporated open-ended real estate investment trust that invests primarily in self-storage properties throughout Canada. The REIT is the largest owner operator of self-storage facilities in Canada and is the country's leading self-storage industry consolidator, with a current portfolio of 52 owned self-storage properties located in Alberta, Saskatchewan, Ontario and Quebec.

Additional information concerning the REIT may be obtained on the REIT's website, www.instoragereit.ca, and on the SEDAR website at www.sedar.com, under the REIT's profile.

Contact Information

  • InStorage Real Estate Investment Trust
    T. James Tadeson
    Chief Executive Officer
    (416) 867-9705
    Website: www.instoragereit.ca