InterRent International Properties Inc.

InterRent International Properties Inc.

November 27, 2006 09:00 ET

InterRent International Properties Inc. Announces Shareholder Approval of Plan of Arrangement With Silverstone Equities and REIT Conversion

TORONTO, ONTARIO--(CCNMatthews - Nov. 27, 2006) -


InterRent International Properties Inc. (TSX VENTURE:IIP)(FRANKFURT:I4N) ("InterRent" or the "Company") wishes to update its shareholders as to the following corporate developments:

Shareholder Approval of Proposed REIT Conversion

At a special meeting of shareholders held on November 24, 2006, InterRent shareholders overwhelmingly approved the proposed plan of arrangement whereby InterRent will complete a conversion by way of plan of arrangement (the "REIT conversion") into a real estate investment trust to be named "InterRent Real Estate Investment Trust" (the "REIT"). The REIT conversion remains subject to the final approval of the Superior Court of Justice of Ontario at a hearing scheduled to be held on November 29, 2006, and subject to satisfaction or waiver of all other conditions specified in InterRent's management information circular dated October 17, 2006 (the "Circular"). InterRent has received the conditional approval from the Toronto Venture Exchange (the "TSXV") to list the units of the REIT following the conversion, subject to compliance with the stated conditions of the TSXV within the specified timeframes. It is expected that the REIT conversion will be completed on or about December 7, 2006 and the REIT units will trade on the TSXV under the symbol "IIP.UN".

Proposed Private Placement

InterRent also announced its plans to complete a non-brokered private placement of up to 19,230,769 common shares at a price of $0.52 per share for aggregate gross proceeds of up to $10,000,000. InterRent intends to use the net proceeds of the private placement to finance the cash component of the REIT conversion, for deposits on potential acquisitions and to fund certain ancillary costs associated with the REIT conversion. The private placement is expected to be completed on or about November 29, 2006, and is subject to regulatory approval.

Michael Newman, the Chief Executive Officer of InterRent and proposed Chief Executive Officer of the REIT, commenting on the recent corporate developments stated, "It is with a great deal of personal satisfaction that I view our Company's transition to a REIT structure, and the continuation of our highly successful growth strategy at the next level. I believe that our conversion to a REIT will accelerate our growth and enhance shareholder value. I want to thank our Board of Directors, management, employees, shareholders and especially our tenants for helping us grow our Company in ten short years from nine to over 1,700 units."

James McClintock, principal of the Silverstone Group and proposed President and Chief Operating Officer of the REIT added, ""I speak for myself, my staff and investors when I say how pleased and excited we are to be a part of this conversion and growth as InterRent Real Estate Investment Trust. Everyone has worked very hard on this transaction and we feel very strongly that this combined entity can achieve accretive growth and add substantial value to unit holders over the coming years."

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.

In particular, there is no assurance that the specified private placement will be completed on schedule or at all as the completion will be conditional upon prevailing market conditions. There is no assurance that the REIT conversion specified herein will be completed.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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