WesternOne Equity Income Fund's Modular Building Division to Purchase Business Interest in Australia

VANCOUVER, Dec. 21, 2012 /CNW/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, WEQ.UN.B and WEQ.DB.C) announced that its modular building division, WEQ Britco LP ("Britco"), has entered an agreement along with Black Diamond Group Limited ("Black Diamond") (TSX: BDI) to acquire Australian Portable Buildings Pty Ltd. ("APB"), an Australian modular building manufacturing and leasing company, for an aggregate purchase price of A$72.5 million (the "Acquisition"). APB has major facilities in various key locations throughout Australia.

Britco will pay A$31.36 million for 80% of the manufacturing business and 10% of the leasing business of APB, with Black Diamond owning the remainder.

The purchase price is subject to customary post-closing adjustments including net asset adjustments.   Britco's portion will come from existing working capital and a new banking facility.

The Acquisition is expected to close during January 2013, with an effective date of January 1, 2013.

"Australia is one of the largest markets in the world for modular buildings. This transaction represents an excellent entry point for Britco into the Australia market and builds on our recent expansion in Western Canada and the United States." stated Darren Latoski, CEO of WesternOne Equity.

Further details will be announced after the completion of the transaction.

Forward Looking Information

Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to the effective date and closing date of the Acquisition, ownership of the manufacturing and leasing businesses and post-closing adjustments including net asset adjustments. Actual events or results may differ materially.

Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne Equity, including, without limitation, expectations and assumptions respecting: the timing of the closing of the Acquisition, the outlook of the global economy and WesternOne Equity's business in Western Canada and the United States, the supply and demand for WesternOne Equity's products and services and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne Equity's management believes to be reasonable assumptions, WesternOne Equity cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in WesternOne Equity's Annual Information Form dated March 29, 2012 and Management's Discussion and Analysis dated November 14, 2012, which are available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne Equity. The forward-looking information is made as of the date of this press release and WesternOne Equity assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

About WesternOne Equity

WesternOne Equity seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate stable and growing distributions to its unitholders as well as to achieve overall capital appreciation.

Additional information relating to WesternOne Equity, including WesternOne Equity's Annual Information Form and other public filings, is available on SEDAR at www.sedar.com or on WesternOne Equity's website at www.weq.ca.

About Britco

With over 600 employees, Britco is the one of the largest providers of temporary and permanent residential and commercial modular buildings in North America and has one of the largest lease fleets of office complexes, construction site offices and storage containers in Western Canada. Britco has four manufacturing facilities located in Canada and the United States; two in British Columbia, one in Alberta, and one in Texas. Britco is a leading design-builder of a wide range of innovative modular buildings for companies in the construction, energy and resource sectors in Western Canada and the United States.  One of the largest and fastest growing construction companies in Western Canada, Britco is headquartered in Langley, British Columbia.

Additional information about Britco is available at www.britco.com.

About APB

Established in 1979, APB is an Australia-based provider of modular buildings for both sale and lease.  APB is headquartered in Sydney, Australia and maintains a national presence with six manufacturing facilities located throughout the country - one in the state of New South Wales, three in the state of Queensland, and two in the state of Western Australia.  With the exception of a small facility in Townsville, Queensland, each facility has its own sales, design, estimating, purchasing and project management teams.

APB services the mining and resource, commercial and industrial, recreational and government industry sectors.  The company is comprised of a leasing division which rents temporary space buildings and a manufacturing division which constructs modular buildings for sale to its customers.  APB designs and builds a wide variety of building solutions including workforce accommodations, administration office complexes, switch rooms, wash cars and a variety of construction site offices.  APB also provides transportation and installation services for its leasing customers.  Additional information about APB is available at www.apb.com.au.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE: WesternOne Equity Income Fund

For more information please contact:

Carlos Yam, Chief Financial Officer
WesternOne Equity Income Fund
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: [phone]
E-mail: [email protected]
Website: www.weq.ca

For investor relations please contact:

Andrew Greig, Manager of Investor Relations
WesternOne Equity Income Fund
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone:  [phone]
E-mail: [email protected]
Website: www.weq.ca