Temple REIT Issues Early Warning News Release in Respect of Holloway Lodging REIT

WINNIPEG, Jan. 25, 2012 /CNW/ - Temple Real Estate Investment Trust ("Temple REIT")(TSX: TR.UN) announced today that it acquired beneficial ownership and control and direction over 128,000,000 trust units ("Holloway Trust Units") of Holloway Lodging Real Estate Investment Trust ("Holloway REIT"), representing approximately 16.99% of the issued and outstanding Holloway Trust Units as at the date hereof.

As a result of the foregoing transaction:

(i)			Temple REIT beneficially owns and exercises control or direction over an aggregate of 156,761,828 Holloway Trust Units, or approximately 20.8% of the issued and outstanding Holloway Trust Units; and
(ii)			Temple REIT, together with 2668921 Manitoba Ltd. (the parent corporation of Shelter Canadian Properties Limited, the asset manager of Temple REIT) and Mr. Arni Thorsteinson (the Chief Executive Officer of Temple REIT and the President and sole director of 2668921 Manitoba Ltd.), each of whom may be considered to be a joint actor of Temple REIT, beneficially owns and exercises control and direction over an aggregate of 193,360,835 Holloway Trust Units, or approximately 25.66% of the issued and outstanding Holloway Trust Units.

To the knowledge of Temple REIT, neither Temple REIT nor any joint actor of Temple REIT has beneficial ownership or exclusive or shared control over any other Holloway Trust Units or securities convertible into Holloway Trust Units.

The Holloway Trust Units were acquired pursuant to a private agreement through the facilities of the Toronto Stock Exchange.  The purchase price for the Holloway Trust Units under the agreement was $0.055 per Holloway Trust Unit for an aggregate purchase price of $7,040,000.

Temple REIT acquired the Holloway Trust Units for investment purposes.  Temple REIT was approached by the seller of the Holloway Trust Units and considered the merits of this investment in relation to its other holdings.

Temple REIT relied on the exemption from the take-over bid requirements contained in section 4.2 of Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and section 101.1 of the Securities Act (Ontario).  The purchase of Holloway Trust Units was made from not more than five persons in the aggregate and the value of the consideration paid for the acquired Holloway Trust Units, including brokerage fees and commissions, was not greater than 115% of the market price of the Holloway Trust Units, as determined in accordance with Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and section 101.1 of the Securities Act (Ontario).

A report respecting the acquisition of Holloway Trust Units by Temple REIT will be electronically filed with applicable Canadian securities regulatory authorities and will be available for viewing at www.sedar.com.  A copy of the report (once filed) may be obtained by contacting Mr. Arni Thorsteinson, Chief Executive Officer of Temple REIT, or Mr. Gino Romagnoli, Investor Services, at [phone].

ABOUT TREIT
TREIT is a real estate investment trust, which is listed on the TSX Venture Exchange under the symbols TR.UN (trust units), TR.DB.A, TR.DB.B, TR.DB.C and TR.DB.S (convertible debentures).  The objective of TREIT is to provide Unitholders with stable cash distributions from investment in a geographically diversified Canadian portfolio of hotel properties and related assets.  For further information on TREIT, please visit our website at www.treit.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: [phone], Fax: [phone], Email: [email protected]