InterRent Real Estate Investment Trust

InterRent Real Estate Investment Trust

September 29, 2009 12:04 ET

InterRent Real Estate Investment Trust Announces NorthWest Application Dismissed Confirming Authority of Trustees to Complete Private Placement

Meeting of Unitholders to be Held September 30, 2009 As Previously Announced

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2009) - InterRent Real Estate Investment Trust (TSX:IIP.UN)(TSX:IIP.DB) ("InterRent" or the "REIT") announced today that the Superior Court of Justice of Ontario has denied a request by NorthWest Value Partners Inc. ("NorthWest") for a declaration that the trustees of InterRent (the "Trustees") did not have authority to complete on September 3, 2009, the $14 million private placement of units at $1.50 per unit in connection with its previously announced transaction with CLV Group Inc. (the "Private Placement"). An application for a declaration that the placees in the Private Placement cannot vote at the upcoming annual and special meeting of unitholders was also denied. The Court also found that there was no basis upon which it could conclude that the Trustees acted in bad faith when they approved the Private Placement.

InterRent wishes to confirm that its upcoming annual and special meeting of unitholders will be held as scheduled on September 30, 2009.

The Private Placement had been approved by the TSX, which approval was upheld by the Ontario Securities Commission. The Superior Court of Justice dismissed an application by NorthWest for an injunction to prevent the completion of the Private Placement in a related application on September 3, 2009. This application by NorthWest was the fourth attempt to prevent the completion of or interfere with the Private Placement and has required InterRent to unnecessarily expend significant resources in order to proceed with a transaction that was in the best interests of the REIT and its unitholders. InterRent intends to hold NorthWest responsible for this interference.

About InterRent

InterRent is a rapidly expanding, growth oriented 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 4,033 apartment suites under ownership.

Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of 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 statement. 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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