Huntingdon REIT Provides Update to Investors and Seeks Court Assistance in
Dealing with its Former Manager, Shelter and Arni Thorsteinson

VANCOUVER, March 3 /CNW/ - As previously announced, the Services Agreement and the Property Management Agreement (each dated February 23, 2005) between Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) and Shelter Canadian Properties Limited ("Shelter") have been terminated and HREIT is now internally managed. Despite repeated requests, Shelter has not yet surrendered access to bank accounts held in trust for HREIT and to certain critical documents. As a result, it has proved necessary for HREIT to proceed to court for assistance with the timely and seamless transition of matters involving Shelter.

Tenants, contractors, suppliers, and investors are advised that with the termination of the agreements no representative of Shelter, including Arni Thorsteinson, has signing authority on behalf of HREIT, nor any legal ability to bind HREIT to contracts.

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, 84 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities on ground leased land at five of Canada's leading international airports, that have a total gross leaseable area of 5.7 million square feet; two land parcels held for development and two properties held for sale, with other development and expansion opportunities within the portfolio. HREIT also owns Consolidated Real Estate Services Inc., a property management business.

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]