Huntingdon Real Estate Investment Trust Announces Repayment of 8.0%
Convertible Debentures

RICHMOND, BC, July 2 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN, HNT.DB.C) announced that it has repaid the outstanding balance of the 8.0% Series B convertible debentures in the amount of $5,321,000 from cash resources available. The Series B convertible debentures were issued in the amount of $5,321,000 on June 29, 2005 with interest at 8.0%, a June 30, 2010 maturity date, and were convertible into units at the request of the holder at any time after June 29, 2007 at a conversion price per unit of $29.70 (post-consolidation price per unit) prior to the third anniversary; at a conversion price per unit of $32.85 (post-consolidation price per unit) in the fourth year; and at a conversion price per unit of $36.45 (post-consolidation price per unit) in the fifth year.

HREIT is a real estate investment trust which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns, directly or indirectly, 80 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities at five of Canada's leading international airports that have a total gross leasable area of 5.5 million square feet; and two land parcels held for development, with other development and expansion opportunities within the portfolio.

The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.

For further information: Zachary R. George, Trustee, President and Chief Executive Officer, Tel: [phone], Fax: [phone], Email: [email protected]