Summit Real Estate Investment Trust
TSX : SMU.UN
TSX : SMU.DB

August 31, 2005 16:09 ET

Summit Real Estate Investment Trust Announces $100 Million Offering of Trust Units

TORONTO, ONTARIO--(CCNMatthews - Aug. 31, 2005) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Summit Real Estate Investment Trust (TSX:SMU.UN)(TSX:SMU.DB) has announced that it has entered into an agreement to sell, to a syndicate of underwriters led by CIBC World Markets Inc., 4,350,000 trust units at $23.00 per unit to raise gross proceeds of $100,050,000. Summit has extended to the underwriters the option, exercisable in whole or in part until 48 hours prior to closing of the transaction, to purchase up to 435,000 additional trust units at the same offering price. Closing is expected to occur on or about September 16, 2005. The proceeds of the offering will be used to repay existing indebtedness, fund acquisitions and for general trust purposes.

As one of Canada's largest Real Estate Investment Trusts, Summit REIT owns a portfolio of high-quality light industrial properties in major markets across Canada. Focused primarily on this highly stable and growing segment of the Canadian real estate market, Summit is dedicated to maximizing distributable income and the value of its property portfolio through active property management, accretive acquisitions, innovative financing and selective development opportunities. Summit REIT's Units and Convertible Debentures are listed on the Toronto Stock Exchange under the symbols SMU.UN and SMU.DB, respectively. For more information on Summit REIT, visit our website at www.summitreit.com.

The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act. This release does not constitute an offer for sale of securities in the U.S. and any public offering of securities in the U.S. will be made by means of a prospectus.

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