InterRent Real Estate Investment Trust

InterRent Real Estate Investment Trust

March 02, 2009 17:05 ET

InterRent Confirms Receipt of Proposals

TORONTO, ONTARIO--(Marketwire - March 2, 2009) -


InterRent Real Estate Investment Trust (TSX:IIP.UN)(TSX:IIP.DB) ("InterRent") confirms that on February 27, 2009 it received a proposal from NorthWest Value Partners Inc. ("NorthWest") to enter into a board supported transaction regarding the potential acquisition by NorthWest of all of the issued and outstanding units of InterRent, which proposal was subject to certain conditions, including the negotiation of a support agreement and completion of satisfactory due diligence.

InterRent has also received a proposal today from another third party in connection with a strategic transaction, and intends to pursue discussions with both parties from whom proposals have been received, as well as others in an effort to maximize value for InterRent unitholders.

The Board of Trustees has engaged Scotia Capital Inc. as its financial advisor to assist it in evaluating alternatives, including, without limitation, a take-over bid or other change of control transaction, recapitalization, asset acquisitions or dispositions, private placement or other transaction. Unitholders will be advised of progress in that regard as appropriate.

About InterRent

InterRent is a real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 4,027 apartment suites under ownership.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

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