InterRent International Properties Inc.

InterRent International Properties Inc.

October 16, 2006 13:47 ET

InterRent Receives Interim Order From Ontario Superior Court of Justice

TORONTO, ONTARIO--(CCNMatthews - Oct. 16, 2006) - InterRent International Properties Inc. ("InterRent" or the "Company") (TSX VENTURE:IIP) (FRANKFURT:I4N)announced today that it had been granted an interim order from the Ontario Superior Court of Justice in respect of its previously announced plan of arrangement whereby it intends to convert into a real estate investment trust structure and combine its business with the Silverstone group.

The Board has called a special meeting of its shareholders to be held on November 24, 2006 to approve the proposed reorganization by way of plan of arrangement under the Business Corporations Act (Ontario). The special meeting will be held at 2:00 p.m. (EST) at the Albany Club, 91 King Street East, Toronto. The record date for the determination of shareholders entitled to receive notice of and vote upon matters considered at the special meeting will be October 17, 2006. The notice of special meeting and the management information circular describing the proposed reorganization will be mailed to InterRent's shareholders on or about October 30, 2006. Following this date, these materials will be made available for review at

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 within the Greater Toronto Area, and other major population centres in Ontario.

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.

In particular, there is no assurance that the proposed reorganization specified in this release or the proposed acquisition of the Silverstone portfolio 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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