InterRent International Properties Inc.

InterRent International Properties Inc.

July 31, 2006 11:42 ET

InterRent International Properties and Silverstone Equities Apartment Portfolio Valued at $102.09 Million by Independent Appraiser

TORONTO, ONTARIO--(CCNMatthews - July 31, 2006) - InterRent International Properties Inc.,("InterRent"or the "Company")(TSX VENTURE:IIP)(FRANKFURT:I4N.F) today announced that as part of an update on the progress of its previously disclosed, proposed business combination with Silverstone Equities Inc.("Silverstone") the companies have now received the independent valuation of their combined 1,688 suite apartment portfolios from Integris Real Estate Counsellors ("Integris"), of Toronto. Integris is the valuator mutually selected by each of InterRent and Silverstone to provide an independent appraisal of the value of each portfolio, which will form the basis of the share exchange ratio to be used in their previously announced business combination transaction.

The independent valuator's report places a market value of $68,540,000 ($56,691/suite) on InterRent's portfolio of 1,209 apartment suites located in the GTA (Greater Toronto Area), Orangeville, London, Ottawa, Hamilton, Niagara Falls, Kingston, Belleville, Trenton and Prescott, Ontario and a market value of $33,550,000 ($70,042/suite) on Silverstone's 479 apartment suites located in Mississauga, Guelph and Stratford, Ontario.

According to Integris' independent appraisal mandate, the valuations were to be based on the "market value" of the portfolio, where "market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable, and assuming the price is not affected by undue stimulus" and furthermore "The valuations will typically be completed by the Income Approach, with a reasonability test using the Direct Comparison Approach, as this is consistent with our view of market actions."(1)

The Income Approach valuation assumed a normalized Net Operating Income (NOI) of $4,777,187 to be generated by the InterRent portfolio of 1,209 apartment suites and a normalized NOI of $2,435,582 by Silverstone's portfolio of 479 suites.

With the valuations received, InterRent and Silverstone will move to finalize their "Business Combination Agreement" and to seek shareholder and limited partner approvals. Subject to the receipt of such approvals, the companies will proceed to implement the steps required to complete their previously announced intention to convert the combined companies to a Real Estate Investment Trust (REIT) structure.

The Integris valuation is subject to a number of assumptions, qualifications and limitations and shareholders are encouraged to review the valuations in their entirety.

Integris Real Estate Counsellors of Toronto is one of the largest independent private appraisal partnership of its kind in Canada. Integris has experience ranging from Canada wide portfolios of commercial, industrial, regional shopping centers and apartment assets as well as more varied properties, such as Ground Leases, Railway Right of Ways, Parking Lots, International Airport Lands and Ecologically Sensitive Land. The principals of Integris Real Estate Counsellors are actively involved in arbitrations and mediations and on many occasions they have been appointed by the Court to act as the Arbitrator or Mediator.

InterRent is a rapidly expanding, growth oriented real estate company engaged in building shareholder value through the acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 1,209 apartment suites under ownership and an additional 127 suites under contract in Ontario.

Silverstone Equities is the General Partner of three Limited partnerships owning 577 apartment units in Mississauga, Stratford, Cambridge and Guelph, Ontario.

(1)Excerpted from "InterRent Properties Valuation Assignment, Engagement Letter & Assignment Protocol", dated May 16, 2006,

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at

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

Contact Information