Whiterock REIT Announces $6.8 Million Exercise of Underwriters'
Over-Allotment Option

TSX-WRK.UN

TORONTO, March 9 /CNW/ - Whiterock Real Estate Investment Trust ("Whiterock") is pleased to announce that, in connection with Whiterock's recently closed public equity offering of trust units (the "Offering") for gross proceeds of approximately $45 million, the underwriters have exercised in full their over-allotment option to purchase 452,500 trust units at a price of $14.95 per unit, for total gross proceeds of $6,764,875. In total, the aggregate gross proceeds of the Offering totaled approximately $51.8 million.

The Offering was completed on a bought deal basis, through a syndicate of underwriters led by TD Securities Inc. and including CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Canaccord Capital Corporation, National Bank Financial Inc. and Dundee Securities Corporation.

Whiterock used the majority of the net proceeds of the offering to repay indebtedness incurred in connection with its recently completed acquisition of a 49.9% interest in a $214 million portfolio of office properties in the Greater Toronto Area and intends to use the remainder for general trust purposes.

About Whiterock

Whiterock's portfolio is anchored by high credit tenants with long-term leases. It owns an interest in 54 properties totalling 5.4 million square feet, located in 13 markets across Canada, including Calgary, Edmonton, Regina, Saskatoon, Toronto, Ottawa, Montréal and Québec City.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities legislation, including but not limited to statements with respect to the intended use of proceeds of the public offering. These forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect" "estimate", "anticipate", "intend", "believe" or "continue", the negative forms thereof and similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future events or performance and, by their nature, are based on Whiterock's estimates and assumptions, which are subject to known and unknown risks, uncertainties and other factors that may cause the actual events, results or prospects to be materially different from those expressed or implied herein. Readers are cautioned that a number of risks, uncertainties and other factors, including but not limited to those discussed in Whiterock's various securities filings, including the section entitled "Risk Factors" in Whiterock's Annual Information Form which can be obtained at www.sedar.com, could cause actual events, results or prospects to differ materially from those stated or implied. These risks, uncertainties and other factors should be considered carefully, and a reader should not place undue reliance on forward-looking statements, as there can be no assurance that actual events, results or prospects will be consistent with such statements. Except as required by law, Whiterock does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

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

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For further information: www.whiterockreit.ca; Frank Bucys, CFO, [phone]; Jennifer Kosloski, [phone]