News

The following announcements have been pulled together in one easy to navigate location in order to provide unitholders and the financial community quick and easy access to selected press releases.  Please check back regularly for new releases.

04
May

News Release

INTERRENT ANNOUNCES $23.9 MILLION ACQUISITION IN MISSISSAUGA, ONTARIO

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ottawa, Ontario (May 3, 2012) – InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent”) announced today that it has entered into an unconditional agreement to acquire a property consisting of  high-rise and low-rise apartment buildings ideally situated in Mississauga, Ontario. 

The complex is located at 2757 Battleford Road and consists of 184 suites and 250 parking spaces.  The property is located within a sought after rental neighborhood at the intersection of Glen Erin Drive and Battleford Road (across from Meadowvale Town Centre) and borders the walking trails around Lake Aquitaine Park.  There is easy access to public transit, Erin Mills Parkway and Highways 401 and 407.  

The acquisition is expected to be completed in June at a purchase price of $23,900,000.  The property is being purchased with a going in capitalization rate of 6.1% and is immediately accretive to the REIT.   The acquisition will be financed through a combination of an existing first and a new second mortgage. 

“This is a well maintained and well positioned property with a strong tenant base and within close proximity to our other Mississauga locations.  This purchase adds more scale and efficiency to our operations in Mississauga, which is a strong market and one that we have targeted for growth.” said Mike McGahan, CEO.  

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.   

InterRent's strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure and, offer opportunities for accretive acquisitions. 

InterRent's primary objective is to use the proven industry experience of the Trustees, Management and Operational Team to: (i) provide Unitholders with stable and growing cash distributions from investments in a diversified portfolio of multi-residential properties; (ii) enhance the value of the assets and maximize long-term Unit value through the active management of such assets; and (iii) expand the asset base and increase Distributable Income through accretive acquisitions.  

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning applicable to 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 most recently publicly filed information located at www.sedar.com.  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. 

For further information about InterRent please contact:

Mike McGahan

Curt Millar, CA

Chief Executive Officer

Chief Financial Officer

Tel: (613) 569-5699 Ext 244

Tel: (613) 569-5699 Ext 233

Fax: (613) 569-5698

Fax:(613) 569-5698

e-mail: mmcgahan@interrentreit.com

e-mail:cmillar@interrentreit.com

web site: www.interrentreit.com

 

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